USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 93.69. The Yen gained yesterday after Japan’s Prime Minister, Shinzo Abe reportedly stated that the need to set up a public-private fund to buy foreign bonds has declined.
In Japan, the all industry activity index rose 1.8% (MoM) in December, slightly faster than market expectation of a 1.7% rise and compared to a 0.4% drop recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 93.48, with the USD trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 93.06, and a fall through could take it to the next support level of 92.64. The pair is expected to find its first resistance at 93.98, and a rise through could take it to the next resistance level of 94.47.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
