USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.52% against the JPY and closed at 81.55.
In economic news, current conditions index in Japan rose to 45.9 in February, while the outlook index rose to a 50.1 in February.
Additionally, Bank of Japan Governor, Masaaki Shirakawa stated that the central bank would do its utmost to beat deflation and keep a close eye on the economic and price outlook, signaling readiness to loosen monetary policy again if needed to support the economy.
Separately, the M2 money stock in Japan increased 2.9% (YoY) to ¥804.9 trillion in February, compared to an upwardly revised 3.1% gain recorded in January.
In the Asian session, at GMT0400, the pair is trading at 81.85, with the USD trading 0.36% higher from yesterday’s close.
The Yen is trading lower, amid speculation that the Bank of Japan (BoJ) would ease monetary policy further to boost the economy. The Japan Finance Minister, Jun Azumi stated that he expects the BoJ to take “appropriate” steps.
The pair is expected to find support at 81.40, and a fall through could take it to the next support level of 80.96. The pair is expected to find its first resistance at 82.09, and a rise through could take it to the next resistance level of 82.34.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
