USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.74% against the JPY and closed at 94.63. The Yen was pressured amid speculation that more monetary easing could be imminent from the Bank of Japan after the its new governor Haruhiko Kuroda outlined his monetary easing options to achieve a 2% annual inflation goal in two years time.
In economic news, Japan’s small business confidence index rose to a reading of 49.7 in March, from a reading of 46.0 recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 94.85, with the USD trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 94.26, and a fall through could take it to the next support level of 93.67. The pair is expected to find its first resistance at 95.18, and a rise through could take it to the next resistance level of 95.51.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
