USD/JPY: The BoJ’s Summary of Opinions awaited later today


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.95% against the JPY and closed at 108.93 yesterday. On the data front, Japan’s corporate service price index held steady at 2.10% on an annual basis in December.

In the Asian session, at GMT0400, the pair is trading at 109.00, with the USD trading 0.06% higher against the JPY from yesterday’s close.

The pair is expected to find support at 108.83, and a fall through could take it to the next support level of 108.67. The pair is expected to find its first resistance at 109.15, and a rise through could take it to the next resistance level of 109.31.

Going ahead, market participants await release of the Bank of Japan’s (BoJ) summary of opinions report, due overnight.

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

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