USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.17% against the JPY and closed at 101.83.
Yesterday, the BoJ, in its monthly economic survey, reiterated its outlook for the Japanese economy to recover at a moderate pace while cautioning that a decline in demand, following a sales-tax hike in April, could weigh on the economy.
In the Asian session, at GMT0300, the pair is trading at 102.03, with the USD trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 101.80, and a fall through could take it to the next support level of 101.57. The pair is expected to find its first resistance at 102.17, and a rise through could take it to the next resistance level of 102.32.
Amid a lack of major economic releases in Japan, later today, traders would keenly await the release of the BoJ’s minutes, slated for release early Wednesday.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
