USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.44% against the JPY and closed at 123.93.
In the Asian session, at GMT0300, the pair is trading at 123.86, with the USD trading a tad lower from yesterday’s close.
Earlier today, the minutes from the BoJ’s latest monetary policy meeting indicated that the Japanese economy continued to recover moderately but policymakers expressed concerns about risk’s arising from the Euro-zone’s low growth and inflation.
The pair is expected to find support at 123.54, and a fall through could take it to the next support level of 123.21. The pair is expected to find its first resistance at 124.19, and a rise through could take it to the next resistance level of 124.52.
Meanwhile, investors would closely look at Japan’s small business confidence index, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
