USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 98.15, as a dismal US employment report strengthened the prospect for the Fed to continue with its asset purchase programme for a longer time to bolster growth in its jobs market.
In the Asian session, at GMT0300, the pair is trading at 97.55, with the USD trading 0.61% lower from yesterday’s close.
The pair is expected to find support at 97.22, and a fall through could take it to the next support level of 96.90. The pair is expected to find its first resistance at 98.19, and a rise through could take it to the next resistance level of 98.83.
Amid lack of major economic release in Japan, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
