USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.09% against the JPY and closed at 120.94.
In the Asian session, at GMT0400, the pair is trading at 120.68, with the USD trading 0.21% lower from yesterday’s close.
Earlier today, the minutes of the BoJ’s latest monetary policy revealed that the nation’s economic recovery was continuing at a satisfactory pace. Additionally, majority of the policymakers agreed that the central bank would not hesitate to expand its massive stimulus programme if underlying trend in inflation changed. However, the board cited weakness from commodity-exporting economies posing a downside risk to the Japanese economy.
The pair is expected to find support at 120.48, and a fall through could take it to the next support level of 120.27. The pair is expected to find its first resistance at 120.98, and a rise through could take it to the next resistance level of 121.27.
Going forward, investors would closely monitor, Japan’s national CPI and unemployment rate data, scheduled in the late hours today to gauge the strength in the Japanese economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
