USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 99.36.
In the Asian session, at GMT0300, the pair is trading at 99.13, with the USD trading 0.23% lower from yesterday’s close.
This morning, the Bank of Japan (BoJ) held off on any new policy moves, keeping its benchmark interest rates and asset buying program unchanged, as most market participants had expected.
Also, the consumer price index (CPI) in Japan dropped 0.9% annually in March, while the CPI excluding food and energy fell 0.8% annually in March. Also, the Tokyo CPI fell 0.7% annually in April.
The pair is expected to find support at 98.65, and a fall through could take it to the next support level of 98.16. The pair is expected to find its first resistance at 99.56, and a rise through could take it to the next resistance level of 99.99.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
