USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.36% against the JPY and closed at 102.14, as traders refrained from taking major bets in the US Dollar ahead of the Fed Chief, Janet Yellen’s testimony, due later today.
On the economic front, the Eco watchers survey for the current economic situation of Japan declined more-than-expected to a reading of 54.7 in January, from a level of 55.7 recorded in the previous month. Likewise, the Eco watchers survey for the future outlook of Japan also registered a decline to a level of 49.0 in January, from previous month’s reading of 54.7.
In the Asian session, at GMT0400, the pair is trading at 102.20, with the USD trading 0.06% higher from yesterday’s close in a thin-trading session on account of a holiday in Japan.
The pair is expected to find support at 101.97, and a fall through could take it to the next support level of 101.73. The pair is expected to find its first resistance at 102.46, and a rise through could take it to the next resistance level of 102.71.
Later today, traders would eye Japan’s machinery orders and tertiary industry index data, for further cues in the yen.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
