USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.15% against the JPY and closed at 76.19.
This morning, Bank of Japan (BoJ) Governor, Masaaki Shirakawa stated that the BoJ and the Federal Reserve have similar policy goals as they aim for price stability.
Data released in Japan showed that the monetary base in Japan rose 15.0% (YoY) in January, following a 13.5% growth recorded in December.
In the Asian session, at GMT0400, the pair is trading at 76.15, with the USD trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 76.00, and a fall through could take it to the next support level of 75.85. The pair is expected to find its first resistance at 76.32, and a rise through could take it to the next resistance level of 76.50.
The economic calendar in Japan being almost empty today, the JPY is expected to ride on other market cues.
The currency pair is converging with its 20 Hr and trading below its 50 Hr moving average.
