USDJPY Movement

For the 24 hours to 23:00 GMT, USD weakened 0.40% against the JPY and closed at 79.32.

The Yen rose after Bank of Japan (BoJ) kept rates between zero and 0.1%, and offered up no major policy moves. Simultaneously, the bank bolstered its asset-purchase fund by ¥5 trillion and cut a credit-loan facility by the same amount, keeping size of the policy tool steady.

In the Asian session, at GMT0300, the pair is trading at 79.35, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 79.04, and a fall through could take it to the next support level of 78.72. The pair is expected to find its first resistance at 79.81, and a rise through could take it to the next resistance level of 80.26.

Trading trends in the pair today are expected to be determined by the release of industrial production data in Japan.

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