The release of the Bank of Japan's monthly policy meeting minutes helped stop the USD/JPY's slide that began yesterday. In the minutes, it was revealed that the BoJ continues to have concerns about risks on the country's economic growth. Another key point in the minutes is that majority of the members of the BoJ see that they will finally reach the 2% inflation target by the second half of their projected period.
The minutes somehow helped the pair recover at least a little during today's trading. Yesterday, it had been on a steady slide from its peaks around the 101.90 level. The USD/JPY pair is currently trading at 101.44, with initial resistance seen at 102.10, followed by 102.36. Meanwhile, initial support is at 101.31, followed by 101.05.
Also in the Pacific, the aussie gained some of its strength after RBA Deputy Governor Philip Lowe gave a less-dovish-than-expected statement earlier today. Mr Lowe said that the RBA continues to consider currency intervention, and that the market should expect the aussie to drop in value over time. These statements hardly affected the AUD/USD pair. Instead, it made a recovery back to the 0.9200 zone, reaching highs of 0.9202. It is currently trading at 0.9186, with initial resistance seen at 0.9177, followed by 0.9199. Meanwhile, initial support is at 0.9105, followed by 0.9083.
Like the AUD/USD pair, the EUR/USD has made a slight recovery in today's session after dropping in value yesterday. However, more significant news coming from the US today could bring volatility into the pair again. These include US housing data (housing starts, building permits, etc.) and consumer confidence.
From below the 1.3500 zone, the EUR/USD pair picked up again, and has peaked so far at around 1.3540. It is currently trading at 1.3529, with initial resistance seen at 1.3540, followed by 1.3574. Meanwhile, initial support is at 1.3468, followed by 1.3434.
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