USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.54% against the JPY and closed at 99.33. The Yen fell, after the Bank of Japan conducted its first government bond purchasing operation early yesterday.
In economic news, Japan’s Eco-Watchers’ survey outlook index dropped slightly to a reading of 57.5 in March, from a reading of 57.7 in the previous month. However, the index measuring current economic situation in the nation climbed to 57.3 in March, form 53.2 in February.
In the Asian session, at GMT0300, the pair is trading at 99.29, with the USD trading marginally lower from yesterday’s close.
Early this morning, the minutes from the Bank of Japan’s (BoJ) monetary policy meeting on 6 and 7 March revealed that the board members are of the view that economic conditions in Japan have stopped deteriorating although some uncertainty still persists and the economy is expected to rebound to moderate recovery path.
The pair is expected to find support at 98.54, and a fall through could take it to the next support level of 97.80. The pair is expected to find its first resistance at 99.86, and a rise through could take it to the next resistance level of 100.43.
Japan’s machine tool orders data is scheduled for release later today.
The currency pair is is trading above its 20 Hr and its 50 Hr moving averages.
