USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.38% against the JPY and closed at 117.41.
In the Asian session, at GMT0400, the pair is trading at 117.54, with the USD trading 0.11% higher from yesterday’s close.
Early this morning, Japan’s Economics Minister, Akira Amari, indicated that the nation’s economic fundamentals remain strong and that the recent sell-off in Japanese equities were triggered by external factors like worries over emerging markets and plunging oil prices. He also warned that oil producing countries are likely to sell assets in order to offset declining revenue from crude exports and this in turn could dent Japanese stocks further.
The pair is expected to find support at 117.12, and a fall through could take it to the next support level of 116.71. The pair is expected to find its first resistance at 117.84, and a rise through could take it to the next resistance level of 118.14.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
