USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.34% against the JPY and closed at 110.63.
In the Asian session, at GMT0300, the pair is trading at 110.65, with the USD trading slightly higher against the JPY from yesterday’s close.
The Bank of Japan (BoJ), in its June monetary policy meeting, opted to leave the key interest rate steady at -0.1% and pledged the yield target for 10-year Japanese government bonds around 0%.
The pair is expected to find support at 110.11, and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 110.99, and a rise through could take it to the next resistance level of 111.34.
Going ahead, investors will keenly observe Japan’s trade balance data and machine tool orders, both for May, scheduled to release next week. Also, the Bank of Japan’s (BoJ) policy meeting minutes and Governor Haruhiko Kuroda’s speech will keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
