USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.67% against the JPY and closed at 97.36.
In the Asian session, at GMT0300, the pair is trading at 96.35, with the USD trading 1.04% lower from yesterday’s close. The Yen benefitted from Japanese Finance Minister, Taro Aso’s statement indicating that the government would not intervene in the currency market any time soon.
The pair is expected to find support at 95.00, and a fall through could take it to the next support level of 93.64. The pair is expected to find its first resistance at 98.61, and a rise through could take it to the next resistance level of 100.87.
Japan’s preliminary leading economic index and coincident index data is scheduled for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
