USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.33% against the JPY and closed at 94.32.
In the Asian session, at GMT0400, the pair is trading at 94.07, with the USD trading 0.27% lower from yesterday’s close.
Haruhiko Kuroda, the new Governor of the Bank of Japan (BoJ), indicated that he does not intend to purchase foreign-currency bonds as a tool to ease monetary policy since there are many different options available for monetary easing. He opined that buying foreign bonds could be viewed as currency intervention.
Also, data released this morning indicated that retail sales in Japan dropped 2.3% annually in February, compared to a 1.1% decline recorded in the preceding month.
The pair is expected to find support at 93.73, and a fall through could take it to the next support level of 93.38. 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 95.27.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
