USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.37% against the JPY and closed at 118.34.
In the Asian session, at GMT0400, the pair is trading at 117.88, with the USD trading 0.39% lower from yesterday’s close.
Early this morning, the BoJ minutes from its recent monetary meeting indicated that four out of nine central bank members had opposed the proposal to further increase the stimulus, citing that additional easing could harm the nation’s economy.
The BoJ Governor, Haruhiko Kuroda, reiterated that the central bank stands ready for further quantitative easing, if risks threaten to achieve its 2.0% inflation target.
In other economic news, Japan’s corporate service price index rose 3.6% in October, at par with market expectations and compared to an advance of 3.5% registered in the previous month.
The pair is expected to find support at 117.53, and a fall through could take it to the next support level of 117.19. The pair is expected to find its first resistance at 118.41, and a rise through could take it to the next resistance level of 118.94.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
