USD/JPY: Japanese Yen trading on a weaker footing this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.1% against the JPY and closed at 113.32.

Yesterday, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda indicated that Japan will stick to its ultra-easy monetary policy, stating that an uptick in inflation towards 1.0% will not immediately trigger an interest rate hike.

On the data front, Japan’s final machine tool orders advanced 9.1% on an annual basis in February, meeting preliminary estimates and following a rise of 3.5% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 113.42, with the USD trading 0.09% higher against the JPY from yesterday’s close.

The pair is expected to find support at 113.03, and a fall through could take it to the next support level of 112.64. The pair is expected to find its first resistance at 113.67, and a rise through could take it to the next resistance level of 113.92.

Looking ahead, investors look forward to the BoJ’s recent meeting minutes accompanied with Japan’s flash Nikkei manufacturing PMI, adjusted merchandise trade balance and all industry activity index, set to release next week.

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

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