USDJPY Movement
On Friday, the USD weakened 0.22% against the JPY and closed at 122.78.
In the Asian session, at GMT0300, the pair is trading at 122.52, with the USD trading 0.21% lower from Friday’s close.
Early this morning, the BoJ Governor, Haruhiko Kuroda, reiterated that the central bank will continue its quantitative and qualitative easing (QQE) campaign, for as long as needed to achieve its 2% inflation target in stable manner.
The pair is expected to find support at 121.86, and a fall through could take it to the next support level of 121.19. The pair is expected to find its first resistance at 123.19, and a rise through could take it to the next resistance level of 123.87.
Moving ahead, market participants look forward to the release of Japan’s leading economic as well as coincident indices data, set for release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
