USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 124.16.
Yesterday, the BOJ monthly economic survey indicated that Japan’s economy has continued to recover at a moderate pace. Further, the central bank expects the nation’s economy to continue its moderate recovery trend and estimates the consumer price inflation rate to be around zero percent in the near-term, largely due to fall in the energy prices.
In the Asian session, at GMT0300, the pair is trading at 124.09, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 123.80, and a fall through could take it to the next support level of 123.50. The pair is expected to find its first resistance at 124.32, and a rise through could take it to the next resistance level of 124.54.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
