USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.12% against the JPY and closed at 120.36.
Yesterday, the BoJ board member, Yukitoshi Funo, assured that Japan is on track to meet the central bank’s 2.0% inflation target and that it will look at the long-term economic trend prior to judging whether additional monetary easing is required.
In the Asian session, at GMT0400, the pair is trading at 120.3, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 120.12, and a fall through could take it to the next support level of 119.95. The pair is expected to find its first resistance at 120.56, and a rise through could take it to the next resistance level of 120.82.
Amid no economic releases in Japan today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
