USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.20% against the JPY and closed at 123.01.
In the Asian session, at GMT0300, the pair is trading at 123.09, with the USD trading 0.06% higher from yesterday’s close.
Earlier today, the BoJ minutes from its recent monetary policy meeting highlighted that the central bank has pushed back its timeline for achieving its inflation target to fiscal 2016 and warned that growth could slow temporarily due to a planned sales tax hike scheduled for the start of fiscal 2017.
The pair is expected to find support at 122.08, and a fall through could take it to the next support level of 121.07. The pair is expected to find its first resistance at 123.71, and a rise through could take it to the next resistance level of 124.34.
Moving ahead, investors look forward to the release of Japan’s retail trade data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
