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Forex: USD/JPY slips to session lows post-BoJ minutes

FXstreet.com (Barcelona) - With Nikkei index opening in Tokyo below the 13800 points down -0.46% and recently released latest BoJ meeting minutes, USD/JPY slips to fresh session lows at 97.10, retracing from NY session highs, capped at 97.50. The minutes showed the BoJ agreed on sings the economy is peaking up, and maintained compromise on current easing in monetary policy.

The pair is -0.98% down for the week so far, finding strong support at the 97 round bid line, where China is “reportedly protecting a dnt option structure,” FXWW founder Sean Lee informed, adding: “Vital support is at the potential neckline which is at 95.80, where the bullish trend-line and 55-day SMA also currently sit.” Japan will be closed again tomorrow for holiday.

Immediate support to the downside for USD/JPY lies at recent session/Tuesday's lows 97.00/07, followed by April 05 NY session lows at 96.83, and April 16 lows at 96.56. To the upside, closest resistance shows at current levels as April 17 lows 97.21, followed by Monday's lows at 97.34, and NY session highs at 97.52.

BoJ minutes: economy shows signs of picking up

The minutes from the Monetary Policy Meeting of the Bank of Japan held on April 3 and April 4 were just published. The report provides little new clues of interest, with the new "quantitative and qualitative monetary easing" program details details having being fully priced in by the market. In the official minutes report BOJ members agreed that the economy has shown signs of picking up. Japan also announced a monetary base of 23.1% (YoY) in April vs 19.8% in March.
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Forex: EUR/JPY remains quiet as range bound behavior continues

The EUR/JPY was fairly quiet today, closing up 5 pips at 128.26. Given the volatility in other assets such as commodities and equities, it was interesting to see the pair continue to trade in such a narrow range. Earlier this evening, the Bank of Japan released minutes from their latest meeting. Currently, the pair is slightly lower in Asia trade, down 25 pips at 128.10.
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