USD/JPY: Current ultra-loose monetary policy to persist: BoJ Kuroda


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 113.61.

Yesterday, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda, reiterated the need to continue with the central bank’s current monetary stimulus in order to meet its 2.0% inflation target.

In economic news, Japan’s preliminary machine tool orders advanced 49.9% on an annual basis in October. In the prior month, machine tool orders had risen 45.0%.

In the Asian session, at GMT0400, the pair is trading at 113.62, with the USD trading marginally higher against the JPY from yesterday’s close.

The pair is expected to find support at 113.34, and a fall through could take it to the next support level of 113.05. The pair is expected to find its first resistance at 113.82, and a rise through could take it to the next resistance level of 114.01.

Moving ahead, investors would await Japan’s preliminary 3Q GDP data, set to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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