USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.54% against the JPY and closed at 93.59. The Yen weakened as the Governor Masaaki Shirakawa’s announcement that, he would resign from the Bank of Japan’s (BoJ) current post on March 19, three weeks ahead of schedule, heightened investors’ expectations for more aggressive easing measures.
In the Asian session, at GMT0400, the pair is trading at 93.83, with the USD trading 0.26% higher from yesterday’s close.
Meanwhile, the Japanese Vice Finance Minister, Shunichi Yamaguchi, stated that the central bank’s policy tools are sufficient for now, suggesting no quick push for the foreign bond purchases previously suggested by the ruling party.
The pair is expected to find support at 92.66, and a fall through could take it to the next support level of 91.50. The pair is expected to find its first resistance at 94.45, and a rise through could take it to the next resistance level of 95.08.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
