USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.17% against the JPY and closed at 121.03.
In the Asian session, at GMT0300, the pair is trading at 120.87, with the USD trading 0.13% lower from yesterday’s close.
Earlier today, the BoJ in its monetary policy statement mentioned that it will maintain the pace of its aggressive monetary policy programme at an annual pace of ¥80 trillion a year. The central bank signalled a more optimistic view on the Japanese economy and revised up its assessment on household spending and housing investment, the two components which were hit most by last year’s sales tax hike.
The pair is expected to find support at 120.68, and a fall through could take it to the next support level of 120.49. 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 121.46.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
