USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.16% against the JPY and closed at 121.04, after the US economy expanded at a slightly slower pace than initially estimated in 3Q 2015.
In the Asian session, at GMT0400, the pair is trading at 121.01, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 120.72, and a fall through could take it to the next support level of 120.43. The pair is expected to find its first resistance at 121.31, and a rise through could take it to the next resistance level of 121.61.
On account of a holiday observed in Japan today, investors will look forward to the nation’s national CPI as well as unemployment rate data, scheduled tomorrow for further cues. Additionally, the BoJ Governor, Haruhiko Kuroda’s speech will also grab lot of market attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
