USDJPY

The Japanese Yen (JPY) strengthened slightly against its American counterpart during the Asian session on Wednesday, reversing some of its losses from the previous day to its lowest level of the week. The outcome of Japan’s spring wage talks shows that most firms have accepted unions’ demands for wage increases. This comes on the back of a report that the Bank of Japan (BoJ) is considering a rate hike in March, which has emerged as a significant factor providing good support for the JPY. Technically, the 147.81 level can be monitored for intraday downward movements. If this level is broken, supports at 147.65, 147.37 and 147.20 could become important. In possible increases, resistance levels at 148.09, 148.25 and 148.53 will be monitored. Support: 147,650 - 147,370 Resistance: 148,090 - 148,250