USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.12% against the JPY and closed at 102.53.
Late Tuesday, a survey poll from Reuters, showed that a strong majority of economists believed that the BoJ would expand its asset purchase programme later this year with an increase in its annual purchases of long-term Japanese government bonds and exchange-traded funds to ¥60 trillion and ¥2 trillion, respectively.
In the Asian session, at GMT0300, the pair is trading at 102.66, with the USD trading 0.13% higher from yesterday’s close.
Early morning, Markit Economics reported that its PMI on Japan’s service sector advanced to a reading of 49.3 in May, from previous month’s reading of 46.4.
The pair is expected to find support at 102.39, and a fall through could take it to the next support level of 102.12. The pair is expected to find its first resistance at 102.80, and a rise through could take it to the next resistance level of 102.95.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
