USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD weakened 0.27% against the JPY and closed at 82.39.
Atlanta Federal Reserve (Fed) Bank President, Dennis Lockhart, has stated that the US economic recovery is gaining momentum, despite a weak job market and soft consumption. However, he further warned that he does not rule out the possibility of more stimulus, if the economy falters.
Meanwhile, on Saturday, Bank of Japan Governor, Masaaki Shirakawa, stated that central bankers must consider the dangers of keeping interest rates low for too long as they seek to strengthen the global recovery from the 2008 financial crisis.
In the Asian session, at GMT0300, the pair is trading at 82.71, with the USD trading 0.38% higher from Friday’s close.
The pair is expected to find support at 82.14, and a fall through could take it to the next support level of 81.57. The pair is expected to find its first resistance at 83.11, and a rise through could take it to the next resistance level of 83.52.
Trading trends in the pair today are expected to be determined by corporate service price data in the Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
