“BOJ Would Maintain Its QE Measure Until Necessary To Achieve 2% Price
GCI Financial | Apr 17, 2014 02:29AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.32% against the JPY and closed at 102.21.
In the Asian session, at GMT0300, the pair is trading at 101.97, with the USD trading 0.23% lower from yesterday’s close.
Early morning, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda affirmed that that central bank “would maintain its quantitative and qualitative easing until necessary to achieve its 2% price target in a stable manner.” Additionally, he also reiterated that the Japanese economy is making steady progress toward achieving the central bank’s 2% inflation target.
The pair is expected to find support at 101.76, and a fall through could take it to the next support level of 101.55. The pair is expected to find its first resistance at 102.28, and a rise through could take it to the next resistance level of 102.59.
During the later course of the day, market participants would eye Japan’s report on its consumer confidence index and tertiary industry index.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
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