USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.09% against the JPY and closed at 78.52.
In the Asian session, at GMT0300, the pair is trading at 78.46, with the USD trading 0.08% lower from yesterday’s close.
Today morning, the Bank of Japan (BoJ) left its asset-purchase program and interest-rate target unchanged. The central bank, which had last month increased the size of its asset purchases by ¥10 trillion ($127 billion) to ¥80 trillion, stated at the end of a two-day meeting that it would ease policy “in a continuous manner by steadily increasing the amount outstanding” of its quantitative stimulus. The central bank however downgraded its assessment of the economy for a second time due to weakening exports and production.
The pair is expected to find support at 78.25, and a fall through could take it to the next support level of 78.05. The pair is expected to find its first resistance at 78.69, and a rise through could take it to the next resistance level of 78.92.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
