USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.31% against the JPY and closed at 101.98.
Yesterday, reports indicated that the BoJ policymakers would consider maintaining a large balance sheet even after the world’s third largest economy achieves its inflation target.
In the Asian session, at GMT0300, the pair is trading at 102.10, with the USD trading 0.11% higher from yesterday’s close.
On the economic front, even though the Japanese machinery orders fell 9.1% in April from the previous month, it was better than an 11.0% (MoM) drop expected by economists.
The pair is expected to find support at 101.85, and a fall through could take it to the next support level of 101.59. The pair is expected to find its first resistance at 102.37, and a rise through could take it to the next resistance level of 102.63.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
