USDJPY Movement
On Friday, the USD weakened 0.20% against the JPY and closed at 104.09.
Earlier on Friday, the Japanese Yen came under pressure, following the Bank of Japan’s decision of maintaining status quo on its policy stance while reinforcing that the nation’s economy continues to recover at a moderate pace.
In the US, the economy registered its best growth since 2011, to a healthy annual rate of 4.1% in the third quarter of 2013, higher than the previous estimate of a 3.6% growth and higher compared to the 2.5% growth in the Q2 2013.
In the Asian session, at GMT0400, the pair is trading at 104.03, with the USD trading 0.06% lower from Friday’s close.
The pair is expected to find support at 103.70, and a fall through could take it to the next support level of 103.38. The pair is expected to find its first resistance at 104.50, and a rise through could take it to the next resistance level of 104.97.
This week, the minutes of the Bank of Japan’s policy meeting and consumer price inflation report of Japan would attract maximum attention to determine the trading trend in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
