USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.28% against the JPY and closed at 80.95, amid speculation the Bank of Japan (BoJ) would implement new easing measures at its next policy meeting on April 27.
In the Asian session, at GMT0300, the pair is trading at 80.90, with the USD trading 0.06% lower from yesterday’s close.
In Japan, this morning, the M2+CD money supply rose to 3.0% (YoY) in March, compared to 2.9% in previous month. Market had expected money supply to rise to 2.8% in March. Additionally, the Domestic Corporate Goods Price Index rose 0.6% (MoM) in March, compared to 0.2% rise in previous month.
The pair is expected to find support at 80.61, and a fall through could take it to the next support level of 80.32. The pair is expected to find its first resistance at 81.16, and a rise through could take it to the next resistance level of 81.41.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
