USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.90% against the JPY and closed at 108.82.
In the Asian session, at GMT0300, the pair is trading at 109.21, with the USD trading 0.35% higher from yesterday’s close, after the BoJ opted to keep its interest rate steady at 0.1% and pledged to increase monetary base at annual pace of ¥60-70 trillion.
In other economic news, Japan’s foreign exchange reserves narrowed to $1264.4 billion in September, compared to a reading of $1278 billion in the prior month.
The pair is expected to find support at 108.68, and a fall through could take it to the next support level of 108.14. The pair is expected to find its first resistance at 109.71, and a rise through could take it to the next resistance level of 110.21.
Going forward, market participants await Japan’s leading economic as well as coincident indices data, scheduled shortly.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
