USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.10% against the JPY and closed at 111.52.
In the Asian session, at GMT0300, the pair is trading at 111.49, with the USD trading marginally lower against the JPY from yesterday’s close.
The pair is expected to find support at 111.35, and a fall through could take it to the next support level of 111.21. The pair is expected to find its first resistance at 111.65, and a rise through could take it to the next resistance level of 111.81.
Going forward, traders would closely monitor the Bank of Japan’s meeting minutes along with Japan’s Nikkei manufacturing and services PMIs, all slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
