USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the JPY and closed at 111.96.
In the Asian session, at GMT0400, the pair is trading at 112.37, with the USD trading 0.36% higher from yesterday’s close.
Earlier today, the BoJ board member, Takahide Kiuchi, stated that Japan economy continues to recover moderately but opposed to the central bank’s recent decision of negative interest rates, as it could destabilize Japan’s financial system.
The pair is expected to find support at 111.46, and a fall through could take it to the next support level of 110.56. The pair is expected to find its first resistance at 112.85, and a rise through could take it to the next resistance level of 113.33.
Looking ahead, Japan’s annual national consumer price index for January, slated to release in the late hours, will garner a lot of market attention
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
