USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 104.24.
In the Asian session, at GMT0400, the pair is trading at 104.21, with the USD trading slightly lower from yesterday’s close. Earlier today, the Bank of Japan (BoJ), in its two-day policy meeting, decided to keep its interest rate unchanged at a record-low 0.1% and stuck to its plan to expand the nation’s monetary base by an annual ¥60 trillion to ¥70 trillion.
On the economic front, Japan’s all industries activity index rose lesser-than-expected in November. Separately, Japan’s leading economic index advanced to a reading of 111.1 in November, from previous month’s reading of 109.8. Meanwhile, the coincident index rose to a reading of 110.7 in November, from a level of 110.4 registered in the preceding month.
The pair is expected to find support at 103.86, and a fall through could take it to the next support level of 103.52. The pair is expected to find its first resistance at 104.66, and a rise through could take it to the next resistance level of 105.11.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
