USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.02% against the JPY and closed at 82.58. The Yen came under pressure after the main opposition Liberal Democratic Party, tipped to win in a parliamentary election next month and pledged to push for further easing by the BoJ. Additionally, disappointing Japanese export data also weighed on the domestic currency.
Separately, the Bank of Japan (BoJ), in its latest monthly report indicated that Japan’s exports and industrial production will likely continue to decrease for the time being, while the overall economic activity is expected to remain relatively weak, mainly due to slowdown in overseas economies.
In the Asian session, at GMT0400, the pair is trading at 82.39, with the USD trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 81.87, and a fall through could take it to the next support level of 81.35. The pair is expected to find its first resistance at 82.75, and a rise through could take it to the next resistance level of 83.11.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
