USDJPY Movement
On Friday, the USD weakened 0.38% against the JPY and closed at 102.34. The Japanese Yen gained ground against the US Dollar, after a report showed that housing starts in Japan advanced 18.0% (YoY) in December, far above analysts’ call for a rise of 13.5% and compared to a 14.1% rise recorded in November. Separately, another report revealed that construction orders rose 4.9% (YoY) in December, following a 2.2% (YoY) increase witnessed in the previous month.
In the Asian session, at GMT0400, the pair is trading at 102.36, with the USD trading tad higher from Friday’s close.
The pair is expected to find support at 101.94, and a fall through could take it to the next support level of 101.52. The pair is expected to find its first resistance at 102.78, and a rise through could take it to the next resistance level of 103.21.
Later today, the Bank of Japan (BoJ) is scheduled to publish a report on the nation’s monetary base.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
