USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.47% against the JPY and closed at 120.11.
Yesterday, the BoJ in its monthly report remained upbeat over Japan’s economy and further added that the effects of the decline in demand following the sales tax hike was waning on the whole.
In the Asian session, at GMT0400, the pair is trading at 120.13, with the USD trading a tad higher from yesterday’s close.
The pair is expected to find support at 119.61, and a fall through could take it to the next support level of 119.10. The pair is expected to find its first resistance at 120.42, and a rise through could take it to the next resistance level of 120.72.
On account of a holiday in Japan today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
