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COZfx: Ahead of the minutes from BoJ’s policy meeting, Yen t

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COZfx: Ahead of the minutes from BoJ’s policy meeting, Yen t

Postby dwang » Fri Mar 14, 2014 1:57 am

COZforex: For the past trading session, the USD marginally weakened against the JPY and closed at 102.82. The pair is trading at 102.75, with the USD trading 0.07% lower from yesterday’s close.

On the economic front, the Bank of Japan’s, in its monthly economic survey revealed that the Japanese economy has continued to recover at a moderate pace, as a result of a pickup in the nation’s fixed investments, coupled with an improvement in public investment and corporate profits. However, the survey also pointed towards the downside risks to the economy, arising from global factors such as European debt problem and US economic recovery.

Earlier today, Japan’s Cabinet Office reported that machine orders in the nation rise 13.4% in January, more than analysts’ expectations and compared to a 15.7% drop registered in the preceding month.

In technical analysis, COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 102.50 and a drop through could take it to the next support line of 102.25. Meanwhile, the pair is predicted to find its first resistance at 103.04, and a rise through could take it to the next resistance line of 103.32.

Looking ahead, the BoJ is scheduled to publish the minutes from its latest policy meeting, later today.

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