USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded flat against the JPY and closed at 113.35.
Yesterday, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda, played-down hopes of a near-term monetary policy tightening, stating that the central bank would continue to hold onto its easing measures to achieve its 2.0% inflation target, despite signs of improving economy.
In the Asian session, at GMT0400, the pair is trading at 113.33, with the USD trading a tad lower against the JPY from yesterday’s close.
The pair is expected to find support at 113.19, and a fall through could take it to the next support level of 113.04. The pair is expected to find its first resistance at 113.56, and a rise through could take it to the next resistance level of 113.78.
Next week, market participants would look forward to minutes of the Bank of Japan’s (BoJ) October meeting along with the summary of opinions report from its December meeting, due next week. Also, Japan’s jobless rate and national consumer price inflation data, due to release next week, will be on investors’ radar.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
