USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.36% against the JPY and closed at 97.79.
In the Asian session, at GMT0300, the pair is trading at 97.77, with the USD trading marginally lower from yesterday’s close.
Today morning, the Japanese Finance Minister, Taro Aso, stated that cutting corporate tax rates would not have an immediate impact, thus downplaying media reports that the Japanese Prime Minister considering lowering the tax rates.
The pair is expected to find support at 97.43, and a fall through could take it to the next support level of 97.08. The pair is expected to find its first resistance at 98.28, and a rise through could take it to the next resistance level of 98.79.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
