USD/JPY: Yen trading lower ahead of BoJ Monetary Policy Meeting Minutes

USD/JPY: Yen trading lower ahead of BoJ Monetary Policy Meeting Minutes

USDJPY Movement

For the 24 hours to 23:00 GMT, USD strengthened 1.05% against the JPY and closed at 83.79.

In economic news, on an annual basis, machine tool orders in Japan fell 8.6% in February, compared to the same fall recorded in January.

In the Asian session, at GMT0400, the pair is trading at 84.11, with the USD trading 0.38% higher from yesterday’s close.

The pair is expected to find support at 83.40, and a fall through could take it to the next support level of 82.69. The pair is expected to find its first resistance at 84.50, and a rise through could take it to the next resistance level of 84.89.

Trading trends in the pair today are expected to be determined by the Bank of Japan (BoJ) monetary policy meeting minutes and Tokyo Condominium Sales data in Japan.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Contributed by GCI Trading

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