USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 117.53.
In the Asian session, at GMT0400, the pair is trading at 117.47, with the USD trading a tad lower against the JPY from yesterday’s close.
The pair is expected to find support at 117.18, and a fall through could take it to the next support level of 116.88. The pair is expected to find its first resistance at 117.82, and a rise through could take it to the next resistance level of 118.16.
Next week, market participants will keep a close watch on minutes of the BoJ’s latest monetary policy meeting along with its summary of opinions. Moreover, Japan’s jobless rate, consumer price inflation, small business confidence, flash industrial production, retail trade and large retailers’ sales, all scheduled next week, would also garner a lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
