USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.27% against the JPY and closed at 76.81.
In Japan, yesterday, the labour cash earnings declined 0.6% (Y-o-Y) to ¥273,580 in August.
This morning, Bank of Japan Governor, Masaaki Shirakawa gave a poor assessment on the country’s economic outlook but stated that the central bank was already taking bold steps to support growth. He further stated that the central bank is set to keep monetary policy on hold at a two-day rate review that ends on Friday, but has expressed its willingness to act if fears of a global recession and Europe’s debt crisis threaten to derail Japan’s recovery.
In the Asian session, at GMT0300, the pair is trading at 76.67, with the USD trading 0.18% lower from the New York close.
The pair is expected to find support at 76.48, and a fall through could take it to the next support level of 76.29. The pair is expected to find its first resistance at 76.92, and a rise through could take it to the next resistance level of 77.17.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
