USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.06 % against the JPY and closed at 119.83, amid mounting speculation that the Federal Reserve would raise interest rates this year.
Yesterday, the Japanese Prime Minister Shinzo Abe vowed to implement important structural reforms this year, in a bid to kick-start the economic recovery in the nation.
In the Asian session, at GMT0400, the pair is trading at 120.35, with the USD trading 0.43% higher from yesterday’s close.
The pair is expected to find support at 119.85, and a fall through could take it to the next support level of 119.36. The pair is expected to find its first resistance at 120.65, and a rise through could take it to the next resistance level of 120.95.
Amid a thin holiday trading session in Japan, investors would focus on global news for trading trends in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
