USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.07% against the JPY and closed at 100.25, after the minutes from the FOMC latest policy meeting highlighted policymakers’ willingness to slow down the pace of its stimulus measure in one of its next few policy meetings.
In the Asian session, at GMT0400, the pair is trading at 100.43, with the USD trading 0.18% higher from yesterday’s close. Earlier today, the Bank of Japan (BoJ), in its two-day policy meeting, decided to keep its interest rate unchanged at 0.1% and maintain the size of its asset-purchase programme at current level. The central bank also reiterated that the “Japan’s economy is recovering moderately”, highlighting a pick-up in the nation’s exports.
The pair is expected to find support at 99.96, and a fall through could take it to the next support level of 99.50. The pair is expected to find its first resistance at 100.71, and a rise through could take it to the next resistance level of 101.00.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
