USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.67% against the JPY and closed at 120.29.
In the Asian session, at GMT0300, the pair is trading at 120.11, with the USD trading 0.15% lower from yesterday’s close.
Earlier today, the BoJ maintained its massive monetary stimulus intact at an annual pace of ¥80 trillion. It also expressed optimism over the Japanese economy and reiterated that the nation’s economy was recovering moderately.
Overnight data indicated that trade deficit in Japan dropped to ¥143.10 billion in February, following a deficit of ¥864.20 billion in the previous month.
The pair is expected to find support at 119.59, and a fall through could take it to the next support level of 119.06. The pair is expected to find its first resistance at 120.55, and a rise through could take it to the next resistance level of 120.99.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
