For the 24 hours to 23:00 GMT, the USD weakened 0.19% against the JPY and closed at 101.89.
Yesterday, in a speech to one of Japan’s leading business associations, the BoJ Governor, Haruhiko Kuroda, highlighted the need for bolder government efforts to boost Japan’s potential for growth and to meet G20 commitments. Furthermore, he projected a temporary drop in the nation’s consumer inflation rate to 1.0% over the summer while hinting that he did not foresee an immediate need for the central bank to inject additional stimulus measures in the economy.
In the Asian session, at GMT0300, the pair is trading at 101.88, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 101.77, and a fall through could take it to the next support level of 101.67. The pair is expected to find its first resistance at 102.03, and a rise through could take it to the next resistance level of 102.18.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.