USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.59% against the JPY and closed at 112.35.
In the Asian session, at GMT0300, the pair is trading at 112.33, with the USD trading a tad lower against the JPY from yesterday’s close.
The Bank of Japan (BoJ), in its September monetary policy meeting, opted to leave the key interest rate steady at -0.10%, as widely expected. Further, the central bank reiterated its pledge to keep rates very low for an extended period and maintained its view that the economy will continue to expand modestly.
Overnight data indicated that Japan’s trade deficit widened to ¥444.6 billion in August, undershooting market consensus for a deficit of ¥483.2 billion. In the prior month, the nation had posted a deficit of ¥231.2 billion.
The pair is expected to find support at 112.00, and a fall through could take it to the next support level of 111.66. The pair is expected to find its first resistance at 112.53, and a rise through could take it to the next resistance level of 112.72.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
