USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally strengthened against the JPY and closed at 102.48.
Yesterday, global rating agency, Fitch Ratings indicated that the Japanese economy is “weathering” the recent sales tax hike, further cautioning that the wage growth is an important factor in the nation, which has failed to increase convincingly.
In the Asian session, at GMT0300, the pair is trading at 102.5, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 102.32, and a fall through could take it to the next support level of 102.15. The pair is expected to find its first resistance at 102.66, and a rise through could take it to the next resistance level of 102.82.
Amid lack of economic releases from Japan today, investor sentiment would depend upon global events/news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
