USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.49% against the JPY and closed at 120.82.
In the Asian session, at GMT0400, the pair is trading at 120.78, with the USD trading marginally lower from yesterday’s close.
Early this morning, the BoJ minutes from its latest monetary policy meeting suggested that the central bank would continue to ease monetary policy until 2.0% inflation was achieved. However, few board members opined that the BoJ should not rush to accelerate inflation as further easing would take Yen to a very low level.
The pair is expected to find support at 120.29, and a fall through could take it to the next support level of 119.79. The pair is expected to find its first resistance at 121.16, and a rise through could take it to the next resistance level of 121.54.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
