USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.12% against the JPY and closed at 101.82, hurt by downbeat US GDP and durable goods orders data.
Yesterday, a poll from Reuters showed that majority of the economists were of the belief that the BoJ would increase its stimulus measures before the end of this year, mostly at its 31 October 2014 meeting. However 9 of the 29 economists surveyed projected Japan’s central bank to undertake no more policy action this year.
In the Asian session, at GMT0300, the pair is trading at 101.75, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 101.59, and a fall through could take it to the next support level of 101.43. The pair is expected to find its first resistance at 101.94, and a rise through could take it to the next resistance level of 102.13.
With no major economic releases scheduled for release in Japan later today, traders would eye Japan’s consumer inflation, unemployment rate and retail trade data, slated for release early Friday.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
