USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 2.87% against the JPY and closed at 79.33, as Japan intervened to curb yen’s gain.
The Bank of Japan raised its total asset-purchase program to approximately ¥50 trillion, from ¥40 trillion previously. The Bank of Japan retained the benchmark uncollateralized overnight call rate at 0 to 0.1%.
In the Asian session at 3:00GMT, the pair is trading lower from yesterday’s close at 23:00 GMT, by 0.87%, at 78.64.
The first short term resistance is at 79.83, followed by 81.01. The pair is expected to find support at 77.88 and the subsequent support level at 77.11.
The pair is expected to trade on the cues from the release of coincident index and leading economic index in Japan.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
