USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.15% against the JPY and closed at 112.29.
In the Asian session, at GMT0400, the pair is trading at 112.38, with the USD trading 0.08% higher from yesterday’s close.
Early this morning, the BoJ board member Yukitoshi Funo, indicated that Japan’s inflation will gradually move towards the central bank’s target of 2.0%. He further stated that the bank stands ready to expand its monetary stimulus package, in case sluggish emerging market demand and volatile financial markets hurt the nation’s economic recovery.
The pair is expected to find support at 111.67, and a fall through could take it to the next support level of 110.97. The pair is expected to find its first resistance at 112.79, and a rise through could take it to the next resistance level of 113.21.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
