USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally weakened against the JPY and closed at 99.56.
In the Asian session, at GMT0300, the pair is trading at 99.62, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 99.23, and a fall through could take it to the next support level of 98.84. The pair is expected to find its first resistance at 99.94, and a rise through could take it to the next resistance level of 100.27.
With no major domestic economic indicators out for the day, the Japanese Yen will take direction from the economic release in Europe and the US. Also, the European central bank policy meetings this week will influence trading sentiment.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
