USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.34% against the JPY and closed at 117.03.
In the Asian session, at GMT0400, the pair is trading at 116.73, with the USD trading 0.26% lower against the JPY from yesterday’s close.
The Japanese Yen gained ground, after the Bank of Japan (BoJ) sounded optimistic in its latest summary of opinions report.
The BoJ indicated that Japan’s economy is on a “moderate recovery” path, aided by stronger exports and industrial production, while resilience in private consumption has increased. Further, it stated that the nation’s economic growth is likely to remain “relatively high”, due to government’s fiscal stimulus and recovery in overseas markets.
The pair is expected to find support at 116.31, and a fall through could take it to the next support level of 115.89. The pair is expected to find its first resistance at 117.48, and a rise through could take it to the next resistance level of 118.23.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
