USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.23% against the JPY and closed at 81.57. Earlier during the session the Japanese Yen was trading higher, after Japan’s current account swung to a surplus in February. Economic data released in Japan showed that current account balance swung to a surplus of ¥1.18 trillion in February, after swinging to a record deficit of ¥437.3 billion in January.
Today morning, the Bank of Japan (BoJ) kept it monetary policy steady, maintaining its key policy rate at a range of zero to 0.1% by a unanimous vote, as widely expected. The BoJ also kept its assessment of the economy roughly unchanged, saying that while economic activity has remained more or less flat it has shown some signs of picking up.
In the Asian session, at GMT0300, the pair is trading at 81.62, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 81.28, and a fall through could take it to the next support level of 80.94. The pair is expected to find its first resistance at 81.91, and a rise through could take it to the next resistance level of 82.20.
Investors are eying Bank of Japan (BoJ) Governor Shirakawa Speech, along with other economic releases in Japan to be released later today.
The currency is showing convergence with its 50 Hr moving average and is trading above its 20 Hr moving average.
