USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.11% against the JPY and closed at 101.38.
In the Asian session, at GMT0400, the pair is trading at 101.48, with the USD trading 0.10% higher from yesterday’s close. Early morning, the minutes from the Bank of Japan’s (BoJ) October 31-monetary policy meeting were released. According to the minutes, the board member felt that the Japanese economy is recovering moderately, with private consumption and external demand expected to pick up on the back of improvement in few major developed economies, particularly the US and Europe. The minutes assessed that the 2% price stability target was likely to be achieved “toward the latter half of the projection period.”
Separately, the BoJ reported that its corporate service price index rose 0.8% (YoY) in October, compared to previous month’s level of 0.7%.
The pair is expected to find support at 101.23, and a fall through could take it to the next support level of 100.98. The pair is expected to find its first resistance at 101.83, and a rise through could take it to the next resistance level of 102.18.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
