USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.40% against the JPY and closed at 120.43.
In the Asian session, at GMT0300, the pair is trading at 120.53, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 120.08, and a fall through could take it to the next support level of 119.64. The pair is expected to find its first resistance at 120.78, and a rise through could take it to the next resistance level of 121.03.
Going ahead, investors will keep a close watch on the BoJ’s monetary policy statement, as well as the BoJ Governor, Haruhiko Kuroda’s speech scheduled tomorrow, for further cues. It is expected that the central bank would inject fresh round of monetary stimulus in the Japanese economy to support growth and inflation.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
