USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.23% against the JPY and closed at 120.34.
In the Asian session, at GMT0300, the pair is trading at 120.35, with the USD trading marginally higher from yesterday’s close.
Earlier today, the Bank of Japan (BoJ) kept monetary policy unchanged since expanding its stimulus programme in October last year, despite faint inflation and trade feeling the pinch from slowing demand in emerging markets.
The pair is expected to find support at 119.90, and a fall through could take it to the next support level of 119.46. The pair is expected to find its first resistance at 120.73, and a rise through could take it to the next resistance level of 121.11.
Further, market participants will pay attention on BoJ’s Governor Haruhiko Kuroda’s news conference for future policy clues, to be held later today.
The currency pair is trading above 20 Hr moving average and showing convergence with 50 Hr moving average.
