Japanese Yen Reverses Its Losses In The Asian Session
GCI Financial | Sep 15, 2014 02:47AM ET
On Friday, the USD strengthened 0.27% against the JPY and closed at 107.34.
The BoJ Governor, Haruhiko Kuroda, stated that the central back won’t hesitate to take necessary future steps regarding its monetary policy in order to bolster its economy and to achieve its 2% inflation target.
In the Asian session, at GMT0300, the pair is trading at 107.32, with the USD trading tad lower from Friday’s close.
The pair is expected to find support at 107.1, and a fall through could take it to the next support level of 106.89. The pair is expected to find its first resistance at 107.47, and a rise through could take it to the next resistance level of 107.62.
Amid a thin trading session in Japan, on account of a national holiday, trading trends in the Yen today would be determined by global news.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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