USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.66% against the JPY and closed at 104.22, after a report showed that growth in the US service sector unexpectedly slowed in the month of December.
In the Asian session, at GMT0400, the pair is trading at 104.41, with the USD trading 0.18% higher from yesterday’s close. Earlier today, the Bank of Japan reported that monetary base in the nation rose 46.6% (YoY) in December, following a 52.5% (YoY) rise recorded in the previous month.
The pair is expected to find support at 103.93, and a fall through could take it to the next support level of 103.45. The pair is expected to find its first resistance at 104.87, and a rise through could take it to the next resistance level of 105.33.
Amid lack of economic releases in Japan, during the later course of the day, market participants are expected to keenly follow global economic news for further cues in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
