USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.07% against the JPY and closed at 102.98 on Friday.
In the Asian session, at GMT0400, the pair is trading at 104.28, with the USD trading 1.26% higher from Friday’s close.
According to minutes of the Bank of Japan’s (BoJ), most policymakers believed it could take time for inflation expectations to firm. Further, the board members noted that the nation’s economic rebound was continuing at an acceptable pace. At this meeting, the BoJ switched its policy target to interest rate targeting from quantitative easing, after years of asset purchases failed to jolt the economy out of stagnation.
The pair is expected to find support at 103.26, and a fall through could take it to the next support level of 102.23. The pair is expected to find its first resistance at 104.88, and a rise through could take it to the next resistance level of 105.47.
Moving ahead, investors would keep a close watch on Japan’s flash leading and coincident indices, both for September, due to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
