Japanese Yen Trading Marginally Higher This Morning

By GCI FinancialForexJan 29, 2018 04:19AM ET

www.investing.com/analysis/japanese-yen-trading-marginally-higher-this-morning-200284353

Japanese Yen Trading Marginally Higher This Morning

By GCI Financial | Jan 29, 2018 04:19AM ET

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USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.82% against the JPY and closed at 108.70 on Friday.

The Japanese Yen gained ground against the USD on Friday, after the Bank of Japan (BoJ) Governor, Haruhiko Kuroda, stated that inflation in Japan is finally close to the central bank’s 2.0% target, thus stoking speculation that the central bank could be tilting towards an early exit from its quantitative easing.

In the Asian session, at GMT0400, the pair is trading at 108.69, with the USD trading a tad lower against the JPY from Friday’s close.

The pair is expected to find support at 108.12, and a fall through could take it to the next support level of 107.54. The pair is expected to find its first resistance at 109.43, and a rise through could take it to the next resistance level of 110.16.

Moving ahead, traders would keep a close watch on Japan’s jobless rate and retail trade data, both for December, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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Central Banks

Interest Rates

Next Meeting

FED

1.00%

Jun 15, 2022

ECB

0.00%

Jun 09, 2022

BOE

1.00%

Jun 16, 2022

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-0.75%

Jun 16, 2022

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0.35%

Jun 07, 2022

BOC

1.00%

Jun 01, 2022

RBNZ

2.00%

Jul 13, 2022

BOJ

-0.10%

Jun 17, 2022

CBR

11.00%

Jun 10, 2022

RBI

4.00%

Jun 08, 2022

PBOC

3.70%

BCB

12.75%

Jun 15, 2022

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Japanese Yen Trading Marginally Higher This Morning

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