USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.95% against the JPY and closed at 93.95.
In the Asian session, at GMT0400, the pair is trading at 94.18, with the USD trading 0.25% higher from yesterday’s close. The Yen came under pressure, after new Governor of the Bank of Japan (BoJ), Haruhiko Kuroda indicated that he would consider extending bond maturities and pledged more purchases in the asset purchase program. He also indicated that he wants 2% inflation target in two years.
In economic news, the corporate service price index in Japan climbed 0.1% (YoY) in February, compared to a 0.2% decline reported in January.
The pair is expected to find support at 93.49, and a fall through could take it to the next support level of 92.81. The pair is expected to find its first resistance at 94.90, and a rise through could take it to the next resistance level of 95.63.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
