For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 111.26 on Friday.
In the Asian session, at GMT0300, the pair is trading at 111.29, with the USD trading a tad higher against the JPY from Friday’s close.
Earlier today, the Bank of Japan (BoJ) summary of opinions report from its June meeting showed that policymakers broadly agreed to stick to the central bank’s current policy stance in order to hit the 2.0% inflation target. Also, some officials urged on the central bank to clearly communicate about its thinking on monetary policy.
The pair is expected to find support at 111.17, and a fall through could take it to the next support level of 111.05. The pair is expected to find its first resistance at 111.39, and a rise through could take it to the next resistance level of 111.49.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
