USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.26% against the JPY and closed at 119.72.
In the Asian session, at GMT0300, the pair is trading at 119.96, with the USD trading 0.2% higher from yesterday’s close.
In the early hours today, the BoJ minutes from its latest monetary policy meeting, indicated that the nation’s economy has continued its moderate recovery trend, while inflation expectations appeared to be rising from a long-term perspective. Additionally, the minutes also indicated that the central bank’s QE program was showing its intended results and will continue till price stability target of 2% was achieved.
The pair is expected to find support at 119.34, and a fall through could take it to the next support level of 118.72. The pair is expected to find its first resistance at 120.28, and a rise through could take it to the next resistance level of 120.61.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
