USDJPY Movement
On Friday, the USD weakened 0.58% against the JPY and closed at 118.91. The Japanese Currency gained ground, after the BoJ Governor, Haruhiko Kuroda, stated that inflation trend in the nation was improving gradually and added that the output gap, estimated at around zero, will continue to improve going forward.
In the Asian session, at GMT0300, the pair is trading at 118.92, with the USD trading flat from Friday’s close.
The pair is expected to find support at 118.57, and a fall through could take it to the next support level of 118.23. The pair is expected to find its first resistance at 119.46, and a rise through could take it to the next resistance level of 120.00
Looking ahead, investors would closely monitor Japan’s retail trade data, scheduled overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
