Bank of Japan meeting minutes indicate policymakers more confident

USDJPY Movement

For the 24 hours to 23:00 GMT, USD weakened 0.37% against the JPY and closed at 82.32.

In Japan yesterday, coincident composite index (CI) which reflects current business conditions rose by 1.1 points to 103.5 in December following a 1.4 pints fall to 102.4 in November.

The minutes of the Bank of Japan’s January meeting has indicated that many BoJ policymakers grew have become more confident on Japan’s economic recovery.

In the Asian session at 4:00GMT, the pair is trading lower from the New York close, by 0.01%, at 83.31.

The first short term resistance is at 83.65, followed by 84.00. The pair is expected to find support at 83.06 and the subsequent support level at 82.82.

The currency pair is trading just below its 20 Hr moving average and well below 50 Hr moving average.