USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.94% against the JPY and closed at 99.82, as political instability in Egypt and Portugal prompted investors to seek refuge in the yen.
In the Asian session, at GMT0300, the pair is trading at 99.82, with the USD trading marginally higher from yesterday’s close.
This morning, the Bank of Japan Governor, Haruhiko Kuroda reiterated that the domestic economy has been improving and will eventually return to a sustained recovery track. He also repeated the bank’s latest view that the annual change in the core consumer price index is expected to turn positive gradually.
The pair is expected to find support at 99.11, and a fall through could take it to the next support level of 98.39. The pair is expected to find its first resistance at 100.69, and a rise through could take it to the next resistance level of 101.56.
The currency pair is showing convergence with its 20 Hr moving averages and is trading below its 50 Hr moving average.
