USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.47% against the JPY and closed at 117.65.
Yesterday, the BoJ Governor, Haruhiko Kuroda opined that the current weakening in the Yen was not impacting the Japanese economy badly.
In the Asian session, at GMT0400, the pair is trading at 117.03, with the USD trading 0.53% lower from yesterday’s close.
Earlier today, data showed that Japan’s monetary base rose 37.4% on a YoY basis in January, following an advance of 38.2% registered in December.
The pair is expected to find support at 116.74, and a fall through could take it to the next support level of 116.44. The pair is expected to find its first resistance at 117.59, and a rise through could take it to the next resistance level of 118.16.
Going forward, investors await Japan’s services PMI data along with the BoJ Deputy Governor, Kikuo Iwata’s speech, scheduled for tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
