USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded a tad higher against the JPY and closed at 121.37.
In the Asian session, at GMT0400, the pair is trading at 121.38, with the USD trading a tad higher from yesterday’s close.
Earlier today, the BoJ in a much expected move maintained its massive stimulus program at an annual pace of €80 trillion and also reiterated its upbeat assessment of the Japanese economy, indicating that the nation was on the path of recovery from the recession without additional monetary loosening. However, the central bank offered a slightly more downbeat view on the inflation outlook, though it stressed the slowdown in inflation was due to declining oil prices.
The pair is expected to find support at 121.13, and a fall through could take it to the next support level of 120.89. The pair is expected to find its first resistance at 121.58, and a rise through could take it to the next resistance level of 121.78.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
