USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.08% against the JPY and closed at 101.42, as traders cheered an upbeat US ISM manufacturing PMI report.
In the Asian session, at GMT0400, the pair is trading at 101.67, with the USD trading 0.24% higher from yesterday’s close. The Japanese Yen lost ground, after BoJ Governor, Haruhiko Kuroda stated that the nation’s rock bottom interest rates are offering investors incentives to conduct yen-carry trade, adding that there is momentum toward growth in yen-carry trade.
Early morning, an official report showed that labour cash earnings in Japan declined 0.2% (YoY) in January, contradicting analysts’ call for a 0.3% rise and compared to a 0.5% increase recorded in the preceding month.
The pair is expected to find support at 101.32, and a fall through could take it to the next support level of 100.98. The pair is expected to find its first resistance at 101.88, and a rise through could take it to the next resistance level of 102.10.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
