USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.46% against the JPY and closed at 119.49.
On Friday, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda, stated that Japan’s economy is expected to recover moderately, citing a pickup in consumer spending in July and August compared to the April to June quarter.
In the Asian session, at GMT0300, the pair is trading at 119.53, with the USD trading marginally higher from Friday’s close.
Earlier today, the BoJ Governor repeated his stance on the pace of Japan’s economic growth recovery and added that the central bank would make necessary adjustments to its aggressive easing while monitoring risks to growth and inflation.
The pair is expected to find support at 119.07, and a fall through could take it to the next support level of 118.61. The pair is expected to find its first resistance at 119.83, and a rise through could take it to the next resistance level of 120.13.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
