USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.45% against the JPY and closed at 99.58. The Yen weakened against the greenback, on rising speculation that the Group of 20 finance ministers and central bankers meeting would endorse the Bank of Japan’s monetary easing program that aims to achieve 2.0% percent inflation target.
In the Asian session, at GMT0300, the pair is trading at 100.04, with the USD trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 99.36, and a fall through could take it to the next support level of 98.69. The pair is expected to find its first resistance at 100.39, and a rise through could take it to the next resistance level of 100.75.
With no key economic releases in Japan in the day, the Yen is expected to ride on general market cues against the greenback.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
