USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.14% against the JPY and closed at 124.28.
In the Asian session, at GMT0300, the pair is trading at 124.35, with the USD trading 0.06% higher from yesterday’s close.
Earlier today, the BoJ minutes of its June monetary policy meeting indicated that nation’s economic recovery is at a satisfactory pace. Further, the board members agreed that nation’s inflation excluding volatile food and energy prices would continue to improve in the long term.
The pair is expected to find support at 124.14, and a fall through could take it to the next support level of 123.92. The pair is expected to find its first resistance at 124.51, and a rise through could take it to the next resistance level of 124.66.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
