USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.17% against the JPY and closed at 119.03.
In the Asian session, at GMT0300, the pair is trading at 118.8, with the USD trading 0.19% lower from yesterday’s close.
In economic news, the BoJ’s policymakers, at its latest monetary policy meeting, voted unanimously to keep its key interest rate unchanged at 0.1% and maintain its asset purchases program, citing a continued moderate recovery trend in the nation’s economy.
Overnight data showed that preliminary industrial production figure in Japan slid 0.3% on a monthly basis in March, lower than market expected fall of 2.3% and compared to a 3.1% drop in the previous month.
The pair is expected to find support at 118.48, and a fall through could take it to the next support level of 118.16. The pair is expected to find its first resistance at 119.25, and a rise through could take it to the next resistance level of 119.69.
Going forward, investors keenly await Japan’s national CPI and unemployment rate data, scheduled overnight for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
