USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.32% against the JPY and closed at 79.32.
The Yen came under pressure amid increased speculation that the Bank of Japan (BoJ) would ease monetary policy further at its upcoming policy meeting on October 30.
In the Asian session, at GMT0300, the pair is trading at 79.33, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 79.06, and a fall through could take it to the next support level of 78.79. The pair is expected to find its first resistance at 79.53, and a rise through could take it to the next resistance level of 79.73.
Trading trends in the pair today are expected to be determined by the release of the all industry activity index, leading economic index and coincident index in Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
