USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.60% against the JPY and closed at 97.36, as lingering concerns over a government shut down in the US continued to weigh on the demand outlook of the US Dollar. The greenback was also pressurized after the Boston Fed President Eric Rosengren opined that the Fed should reduce the pace of its bond-buying program very slowly over the next few years only when the economic data begins to meet Fed expectations.
In the Asian session, at GMT0300, the pair is trading at 97.63, with the USD trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 97.19, and a fall through could take it to the next support level of 96.76. The pair is expected to find its first resistance at 98.01, and a rise through could take it to the next resistance level of 98.40.
Amid lack of economic releases in Japan, traders are expected to keep an eye on the global economic news for guidance in the currency pair.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
