USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.84% against the JPY and closed at 99.12.
In the Asian session, at GMT0300, the pair is trading at 99.35, with the USD trading 0.23% higher from yesterday’s close.
The minutes of the Bank of Japan’s meeting held on June 10 and 11 indicated that the board members remain divided over the duration of its monetary policies as they expressed their concerns over the side effects of a prolonged easy policy or additional easy policy on economic activity and prices.
The pair is expected to find support at 98.84, and a fall through could take it to the next support level of 98.32. The pair is expected to find its first resistance at 99.91, and a rise through could take it to the next resistance level of 100.47.
In Japan, machine tool orders data being the only macro indicator scheduled today, Yen is likely to track the prevalent risk sentiment in markets.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
