The Bank of Japan (BoJ) meeting minutes released showed that more monetary easing steps may become necessary, depending on economic developments. The BoJ officials further stated that that the eurozone debt issues are beginning to have real economic effect.
In the morning economic news, the Tertiary Industry Index in Japan declined 0.2% (M-o-M) in August, following a 0.1% decline in July.
In the Asian session, at GMT0300, the pair is trading at 77.03, with the USD trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 76.40, and a fall through could take it to the next support level of 75.76. The pair is expected to find its first resistance at 77.58, and a rise through could take it to the next resistance level of 78.12.
The pair is expected to trade on the cues from the release of data on money supply and Domestic Corporate Goods Price Index in Japan.
Please see the attached chart below.
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