USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.30% against the JPY and closed at 101.68.
In the Asian session, at GMT0300, the pair is trading at 101.77, with the USD trading 0.09% higher from yesterday’s close. Earlier today, the BoJ, at its two-day policy meeting, refrained from altering its monetary policy by projecting the nation’s economy to continue recovering at a moderate pace, despite a weakness in the country’s consumer demand and industrial production following the recent sale-tax hike in April. In other economic news, data revealed that industrial production in the Japan fell 2.8% (MoM) in April, compared to a 2.5% (MoM) drop in the previous month.
The pair is expected to find support at 101.53, and a fall through could take it to the next support level of 101.29. The pair is expected to find its first resistance at 102.09, and a rise through could take it to the next resistance level of 102.40.
Traders keenly await a statement by the BoJ Governor, Haruhiko Kuroda, later today, for further guidance in the Japanese Yen.
The currency pair is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
