USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.15% against the JPY and closed at 81.13.
Yesterday, Shinzo Abe, the head of Japan’s Liberal Democratic Party and front runner in the election, called for aggressive monetary easing by the BoJ to support growth. He stated that he wants the central bank to set interest rates at zero or below zero to enhance lending and added that he wants to work with the BoJ to reverse the trend of a stronger yen, as it affects the competitiveness of small firms.
In the Asian session, at GMT0400, the pair is trading at 81.10, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 80.42, and a fall through could take it to the next support level of 79.73. The pair is expected to find its first resistance at 81.62, and a rise through could take it to the next resistance level of 82.14.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
