USDJPY Movement
On Friday, the USD strengthened 1.27% against the JPY and closed at 97.67.
The Yen resumed its previous session losses, on news that the Bank of Japan (BoJ) would begin its proposed bond-buying earlier-than-expected.
In the Asian session, at GMT0300, the pair is trading at 98.52, with the USD trading 0.87% higher from Friday’s close.
Early this morning, the Ministry of Finance reported that current account balance in Japan climbed to a surplus of ¥637.4 billion in February, from ¥364.8 billion deficit recorded in January. Market had expected the current account balance to record a surplus of ¥466.3 billion in February.
The pair is expected to find support at 96.57, and a fall through could take it to the next support level of 94.62. The pair is expected to find its first resistance at 99.67, and a rise through could take it to the next resistance level of 100.81.
Investors are awaiting the release of Eco watchers survey on the economic outlook of the nation.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
