USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened marginally against the JPY and closed at 101.94.
In a noteworthy event, yesterday, Japan’s Prime Minister, Shinzo Abe, announced a package of measures, including corporate tax cuts and bigger roles for women and foreign workers in business, to spur the nation’s long-term economic growth.
In the Asian session, at GMT0300, the pair is trading at 101.90, with the USD trading slightly lower from yesterday’s close.
Earlier today, the BoJ reported that its index measuring corporate service prices in Japan rose 3.6% (YoY) in May, more than market expectations for a 3.2% (YoY) rise and following a 3.4% (YoY) increase in April.
The pair is expected to find support at 101.77, and a fall through could take it to the next support level of 101.63. The pair is expected to find its first resistance at 102.11, and a rise through could take it to the next resistance level of 102.31.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
