USDJPY Movement
On Friday, the USD strengthened marginally against the JPY and closed at 100.26. The Japanese Yen declined against its US counterpart after Japan’s Finance Minister, Taro Aso, late Thursday, stated that “Japan must have tools to counter speculative moves in the currency market.” His remarks hinted that the government officials might possibly intervene the foreign exchange markets to counter the tentative strengthening of the yen.
In the Asian session, at GMT0400, the pair is trading at 100.11, with the USD trading 0.15% lower from Friday’s close.
The pair is expected to find support at 99.88, and a fall through could take it to the next support level of 99.65. The pair is expected to find its first resistance at 100.40, and a rise through could take it to the next resistance level of 100.68.
Amid lack of economic releases from Japan, market participants are expected to keep a tab of global economic news for further guidance in the pair.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
