USD/JPY: Yen Reverses Previous Session Gains

USD/JPY: Yen Reverses Previous Session Gains

For the 24 hours to 23:00 GMT, the USD weakened 0.40% against the JPY and closed at 86.92. The Japanese Finance Minister, Taro Aso said yesterday that his government would buy bonds issued by the European Stability Mechanism in order to help stabilize the financial situation in the bloc.

In the Asian session, at GMT0400, the pair is trading at 87.46, with the USD trading 0.62% higher from yesterday’s close.

The pair is expected to find support at 87.00, and a fall through could take it to the next support level of 86.54. The pair is expected to find its first resistance at 87.76, and a rise through could take it to the next resistance level of 88.05.