USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.74% against the JPY and closed at 102.42.
According the Bank of Japan’s (BoJ) monthly economic survey released yesterday, Japan’s economy is expected to return to a moderate recovery path, amid rise in domestic demand, recovery in export and as investments continue to pick up. However, the BoJ cautioned that uncertainties in the global economy still continue.
In the Asian session, at GMT0300, the pair is trading at 101.75, with the USD trading 0.66% lower from yesterday’s close.
The pair is expected to find support at 100.66, and a fall through could take it to the next support level of 99.58. The pair is expected to find its first resistance at 103.00, and a rise through could take it to the next resistance level of 104.26.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
