USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.08% against the JPY and closed at 76.88.
The Bank of Japan Governor, Masaaki Shirakawa, stated that despite the market turmoil and debt crisis, Japanese banking system has remained stable and healthy. However, he added that the central bank is closely monitoring risks arising from the European debt crisis.
In the US, the initial jobless claims declined to 403,000 for the week ended October14, compared to 409,000 in the previous week. Additionally, the continuing jobless claims rose to 3,719,000 in the week ending October 8 from 3,694,000 in the previous week.
In Japan, yesterday, the leading index fell to 104.3 in August, compared to 103.8 in July. Meanwhile, the coincident index rose to 107.6 in August from 107.1 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 76.78, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 76.61, and a fall through could take it to the next support level of 76.44. The pair is expected to find its first resistance at 77.02, and a rise through could take it to the next resistance level of 77.26.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
