USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.07% against the JPY and closed at 98.64, after two of the Fed’s top officials hinted that the central bank might continue the pace of its stimulus measures for some more time to support recovery in the US jobs markets.
In the Asian session, at GMT0400, the pair is trading at 98.43, with the USD trading 0.21% lower from yesterday’s close. Earlier today, Bank of Japan (BoJ) reported that its monetary base rose 45.8% (YoY) in October, less than market expectations for a 48.3% rise and compared to a 46.1% increase recorded in the previous month.
The pair is expected to find support at 98.18, and a fall through could take it to the next support level of 97.93. The pair is expected to find its first resistance at 98.73, and a rise through could take it to the next resistance level of 99.04.
Later today, BoJ Governor, Haruhiko Kuroda is expected to deliver a speech on the central bank’s monetary policy in Tokyo. Traders are also expected to keep a tab on the release of the minutes from BoJ’s latest policy meeting, due later today, for further guidance in the Japanese yen’s movement.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
