USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded marginally higher against the JPY and closed at 107.17.
The BoJ Governor, Haruhiko Kuroda, indicated that the Japanese economy continues to recover moderately and further added that central bank will continue with its quantitative and qualitative easing measures to attend the price stability target of 2.0% as expected.
In the Asian session, at GMT0300, the pair is trading at 107.19, with the USD trading tad higher from yesterday’s close.
Former Ministry of Finance official, Eisuke Sakakibara, commented that the Japanese Yen will fall, as wages lag behind inflation on account of higher import costs.
The pair is expected to find support at 106.88, and a fall through could take it to the next support level of 106.57. The pair is expected to find its first resistance at 107.42, and a rise through could take it to the next resistance level of 107.66.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
