- USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 101.13. The Yen recovered from previous losses after the Bank of Japan (BoJ) Governor, Haruhiko Kuroda assured markets that the nation could cope up with rising interest rates. However, the central bank’s minutes released over the weekend for the recently held policy meeting revealed that a few board members expressed concerns that the central bank would not be able to reach its 2% inflation goal by 2016.
In economic news, Japan’s corporate service prices dropped 0.4% annually in April, following a 0.2% fall recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 101.78, with the USD trading 0.64% higher from yesterday’s close.
The pair is expected to find support at 101.00, and a fall through could take it to the next support level of 100.22. The pair is expected to find its first resistance at 102.30, and a rise through could take it to the next resistance level of 102.82.
Retail trade data from Japan which is scheduled to be released later in the day is expected to remain unchanged in April, compared to a 1.4% drop recorded in the previous month.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
