USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.26% against the JPY and closed at 108.40.
In the Asian session, at GMT0300, the pair is trading at 108.11, with the USD trading 0.27% lower against the JPY from yesterday’s close.
The Bank of Japan (BoJ), in its latest monetary policy meeting, opted to leave its key interest rate unchanged at -0.1%, as widely expected and vowed to maintain its ultra-low rates at least until spring 2020. Also, the BoJ pledged the yield target for 10-year Japanese government bonds around 0%. However, the central bank hinted possibilities of expanding stimulus by its October meeting.
The pair is expected to find support at 107.91, and a fall through could take it to the next support level of 107.70. The pair is expected to find its first resistance at 108.40, and a rise through could take it to the next resistance level of 108.68.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
