USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD strengthened 0.31% against the JPY and closed at 93.44.
In the Asian session, at GMT0400, the pair is trading at 94.10, with the USD trading 0.71% higher from Friday’s close.
The Japanese Yen came under pressure, amid media reports that Japan’s government is likely to nominate Asian Development Bank President, Haruhiko Kuroda, an advocate of aggressive monetary easing, as its next central bank Governor.
This morning in Japan, the annual corporate service price index dropped 0.2% in January, in line with market estimates and compared to a 0.4% fall reported in the earlier month.
The pair is expected to find support at 93.34, and a fall through could take it to the next support level of 92.57. The pair is expected to find its first resistance at 94.67, and a rise through could take it to the next resistance level of 95.24.
The currency pair is trading way above its 20 Hr and 50 Hr moving averages.
