USD/JPY: Central Bank Would Maintain Powerful Monetary Easing, Indicates BoJ Minutes

USD/JPY: Central Bank Would Maintain Powerful Monetary Easing, Indicates BoJ Minutes

For the 24 hours to 23:00 GMT, the USD strengthened 0.45% against the JPY and closed at 80.22.

The Japan Automobile Dealers Association reported that automobile sales declined 9.0% (YoY) in October, following an 8.1% drop recorded in the previous month.

In the Asian session, at GMT0400, the pair is trading at 80.24, with the USD trading marginally higher from yesterday’s close.

This morning, the minutes of the Bank of Japan’s (BoJ) latest monetary policy meeting indicated that the central bank would continue with its current monetary policy stance citing high degree of uncertainty about the global economic recovery.

On the data front, monetary base in Japan climbed 10.8% (YoY) to ¥128.134 trillion in October, following a 9.0% increase posted in September.

The pair is expected to find support at 80.01, and a fall through could take it to the next support level of 79.78. The pair is expected to find its first resistance at 80.38, and a rise through could take it to the next resistance level of 80.52.