USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.27% against the JPY and closed at 99.02. Demand for the yen increased after the Japanese Prime Minister, Shinzo Abe, outlined growth strategy to rejuvenate the nation’s struggling economy.
Additionally, weaker-than-expected US jobs and factory order data weighed on the USD.
In the Asian session, at GMT0300, the pair is trading at 99.16, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 98.51, and a fall through could take it to the next support level of 97.86. The pair is expected to find its first resistance at 100.15, and a rise through could take it to the next resistance level of 101.14.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
