USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.86% against the JPY and closed at 112.93.
In the Asian session, at GMT0400, the pair is trading at 112.84, with the USD trading 0.07% lower from yesterday’s close.
Overnight data showed that, Japan’s national consumer price index (CPI) remained flat in January on an annual basis, at par with investor expectations and compared to a rise of 0.2% in the previous month, indicating that the BoJ might consider further easing of monetary policy next month.
The pair is expected to find support at 112.14, and a fall through could take it to the next support level of 111.44. The pair is expected to find its first resistance at 113.39, and a rise through could take it to the next resistance level of 113.93.
Looking ahead, Japan’s industrial production data, due for release this weekend, will be on investor’s radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
