USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.25% against the JPY and closed at 83.59.
On the data front, In Japan, Tokyo Condominium Sales rose 13.0% (YoY) in February compared to a growth of 32.6% in January.
In the Asian session, at GMT0400, the pair is trading at 83.39, with the USD trading 0.23% lower from yesterday’s close. The JPY is trading higher, after Bank of Japan board members stated that monetary easing steps taken last month were “appropriate”. Minutes from the Bank of Japan (BoJ) meeting on 13 and 14 February revealed that the BoJ unexpectedly eased monetary policy by increasing the size of its asset purchase by ¥10 trillion to ¥30 trillion.
The pair is expected to find support at 83.01, and a fall through could take it to the next support level of 82.62. The pair is expected to find its first resistance at 83.97, and a rise through could take it to the next resistance level of 84.55.
Trading trends in the pair today are expected to be determined by the release of Coincident Index and Leading Economic Index in Japan.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
