USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.09% against the JPY and closed at 97.27.
In the Asian session, at GMT0300, the pair is trading at 97.25, with the USD trading tad lower from yesterday’s close. Earlier today, the Bank of Japan (BoJ), at its October policy meeting, kept its interest rate unchanged at 0.1% and refrained from adding additional stimulus measures to economy. The Bank of Japan’s (BoJ) move came after Prime Minster, Shinzo Abe, earlier during the week expressed his opinion that the nation was strong enough to weather a sales-tax increase.
Moreover, the central bank, in its monetary policy statement, stated that Japan’s economy is recovering moderately and it expects the growth to continue at a similar moderate pace. However the bank also warned of a high-degree of risk to the Japanese economy amid uncertainty in the international economic system.
The pair is expected to find support at 96.82, and a fall through could take it to the next support level of 96.39. The pair is expected to find its first resistance at 97.79, and a rise through could take it to the next resistance level of 98.32.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
