COZforex: For the past trading session, the USD weakened 0.07% against the JPY and closed at 98.64, after 2 of the Fedís top officials hinted that the central bank might continue the pace of its stimulus measures for some more time to support recovery in the US jobs markets.

In the Asian session, the pair is trading at 98.43, with the USD trading 0.21% lower from yesterdayís close. Earlier today, Bank of Japan (BoJ) reported that its monetary base rise 45.8% in October, less than market expectations for a 48.3% rise and compared to a 46.1% increase recorded in the previous month.

In technical analysis, COZFX strategist Nigel Boynton said, USD/JPY is predicted to find support at 98.18 and a drop through could take it to the next support line of 97.93. Meanwhile, the pair is predicted to find its first resistance at 98.73, and a rise through could take it to the next resistance line of 99.04.

Later today, BoJ Governor, Haruhiko Kuroda is expected to deliver a speech on the central bankís monetary policy in Tokyo. Traders are also expected to keep a tab on the release of the minutes from BoJís latest policy meeting, due later today, for further guidance in the Japanese yenís movement.



(COZ forex UK)