USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 1.15% against the JPY and closed at 108.88.
In the Asian session, at GMT0300, the pair is trading at 108.95, with the USD trading 0.06% higher against the JPY from yesterday’s close.
Bank of Japan (BoJ) Governor, Haruhiko Kuroda, warned that uncertainty over the country’s economic outlook was “extremely high” with corporate funding strains worsening. Moreover, he stated that the coronavirus outbreak is having a “serious impact” on the Japanese economy. Also, he stated that the central bank would take additional easing measures without hesitation if necessary.
The pair is expected to find support at 108.67, and a fall through could take it to the next support level of 108.38. The pair is expected to find its first resistance at 109.17, and a rise through could take it to the next resistance level of 109.38.
Looking ahead, investors would keep an eye on Japan’s producer price index for March, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
