USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally weakened against the JPY and closed at 101.66.
Yesterday, the BoJ in its monthly economic report indicated that the output gap between the Japan’s domestic demand and the nation’s domestic supply has turned positive to a reading of 0.6% in Q1 2014, from a negative reading of 0.2% in the 4Q 2013.
In the Asian session, at GMT0300, the pair is trading at 101.54, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 101.43, and a fall through could take it to the next support level of 101.31. The pair is expected to find its first resistance at 101.73, and a rise through could take it to the next resistance level of 101.92.
Amid a lack of release in Japan today, traders would look for global news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
