USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.93% against the JPY and closed at 109.42.
The Japanese Yen gained ground, as demand for safe-haven currency increased after a fresh wave of uncertainty washed across markets ahead of major events ahead this week.
In the Asian session, at GMT0300, the pair is trading at 109.48, with the USD trading a tad higher against the JPY from yesterday’s close.
The pair is expected to find support at 109.17, and a fall through could take it to the next support level of 108.85. The pair is expected to find its first resistance at 109.86, and a rise through could take it to the next resistance level of 110.23.
Going ahead, market participants will keep a close watch on Japan’s final 1Q GDP data, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
