USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.45% against the JPY and closed at 119.96.
In the Asian session, at GMT0300, the pair is trading at 119.97, with the USD trading marginally higher from yesterday’s close.
Early this morning, the BoJ’s Deputy Governor, Kikuo Iwata mentioned that the Japanese economy was continuing to recover moderately. He further added that the central bank’s stimulus measures were having intended effects.
The pair is expected to find support at 119.62, and a fall through could take it to the next support level of 119.27. The pair is expected to find its first resistance at 120.23, and a rise through could take it to the next resistance level of 120.48.
Going forward, the direction of the pair will depend on Japan’s annualized GDP data, scheduled in the late hours today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
