USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.14% against the JPY and closed at 107.11.
In the Asian session, at GMT0300, the pair is trading at 107.27, with the USD trading 0.15% higher from Friday’s close.
Overnight, the Bank of Japan’s (BoJ) March monetary policy meeting minutes, indicated that the policymakers expressed confidence in Japan’s economic recovery, but also warned about the continued weakening in consumer sentiment. Further, they stated that although Japan’s exports have been sluggish, domestic demand is expected to continue its upward trend.
The pair is expected to find support at 106.59, and a fall through could take it to the next support level of 105.91. The pair is expected to find its first resistance at 107.80, and a rise through could take it to the next resistance level of 108.32.
Moving ahead, market participants will look forward to Japan’s consumer confidence index data for April, scheduled to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
