USDJPY Movement
On Friday, the USD traded a tad higher against the JPY and closed at 119.09, on the back of upbeat Markit manufacturing PMI data in the US.
In the Asian session, at GMT0400, the pair is trading at 118.98, with the USD trading 0.1% lower from Friday’s close.
Earlier today, the BoJ in its minutes from its latest monetary policy meeting indicated that three out of nine policy members expressed concerns whether the BoJ would be able to achieve its 2% inflation target largely due to slowdown in inflation and declining oil prices.
The pair is expected to find support at 118.45, and a fall through could take it to the next support level of 117.93. The pair is expected to find its first resistance at 119.35, and a rise through could take it to the next resistance level of 119.72.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
