USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.14% against the JPY and closed at 97.14, following the release of disappointing US economic data.
In the Asian session, at GMT0300, the pair is trading at 97.32, with the USD trading 0.19% higher from yesterday’s close.
This morning, the minutes from Bank of Japan’s (BoJ) latest the monetary policy meeting held on 3 and April 4, revealed that there was a broad consensus amongst the central bank’s board members that was necessary for the bank to take more aggressive monetary policy measures to stimulate the economy. However, few members expressed concerns that increased purchases of government debt could actually impair financial markets and discourage bank lending.
Separately, the Bank of Japan reported that the monetary base rose 23.1% (YoY) in April, following a 19.8% rise reported in March.
The pair is expected to find support at 97.00, and a fall through could take it to the next support level of 96.67. The pair is expected to find its first resistance at 97.67, and a rise through could take it to the next resistance level of 98.01.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
