USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the JPY and closed at 112.79.
In the Asian session, at GMT0300, the pair is trading at 112.84, with the USD trading slightly higher against the JPY from yesterday’s close.
The minutes of the Bank of Japan’s (BoJ) September monetary policy meeting showed that the economy continues to expand at a moderate pace and policymakers expect Japan’s economy to grow above potential in fiscal 2018. Additionally, the central bank expects annual inflation to rise gradually towards its 2.0% target. However, members warned that sentiments could worsen if US-China trade friction intensifies.
The pair is expected to find support at 112.53, and a fall through could take it to the next support level of 112.21. The pair is expected to find its first resistance at 113.07, and a rise through could take it to the next resistance level of 113.29.
Going ahead, investors would await Japan’s leading index and coincident index, scheduled to release in a while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
