USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.27% against the JPY and closed at 119.05.
Yesterday, the BoJ Governor, Haruhiko Kuroda mentioned that the central bank has many policy options available to achieve its 2% inflation target.
In the Asian session, at GMT0400, the pair is trading at 118.89, with the USD trading 0.13% lower from yesterday’s close.
Earlier today, data showed that Japan’s Markit manufacturing PMI unexpectedly fell to 51.5 in February, against market expectations of a reading of 52.5 and compared to a reading of 52.2 registered in the prior month.
The pair is expected to find support at 118.54, and a fall through could take it to the next support level of 118.2. The pair is expected to find its first resistance at 119.22, and a rise through could take it to the next resistance level of 119.55.
Going forward, investors await the BoJ minutes from its recent monetary policy meeting, scheduled on Monday.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
