USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.27% against the JPY and closed at 104.84.
In the Asian session, at GMT0300, the pair is trading at 104.88, with the USD trading tad higher from yesterday’s close.
This morning, the Bank of Japan (BoJ), kept its upbeat view about the nation’s economy, though it admitted that the effects of the April sales tax hike still prevails. Further, it mentioned that the central bank will continue with its monetary easing stimulus programme, until 2.0% inflation target is not achieved.
The pair is expected to find support at 104.63, and a fall through could take it to the next support level of 104.39. The pair is expected to find its first resistance at 105.23, and a rise through could take it to the next resistance level of 105.58.
Going forward, investors would keep a close on the BoJ’s monthly survey as well as the leading economic and coincident indices data, scheduled to release tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
