USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.1% against the JPY and closed at 105.22.
In the Asian session, at GMT0300, the pair is trading at 106.18, with the USD trading 0.91% higher against the JPY from yesterday’s close, amid ongoing speculation of aggressive stimulus measures by the Bank of Japan to revive the economic growth.
The pair is expected to find support at 104.89, and a fall through could take it to the next support level of 103.59. The pair is expected to find its first resistance at 106.89, and a rise through could take it to the next resistance level of 107.59.
With no macroeconomic releases in Japan today, market participants await the release of Japan’s Nikkei manufacturing PMI, machine tool orders and all industry activity index data, due next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
