USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.20% against the JPY and closed at 77.76.
Yesterday, the Japanese Prime Minister, Yoshihiko Noda, called for the preparation of a new budget of around ¥2 trillion, to be enacted before the end of the fiscal year in March 2012, in an attempt to cover losses due to a surge in the yen.
In the US, the Institute for Supply Management (ISM) reported that its manufacturing index rose to 52.7 in November, compared to 50.8 posted in October.
Additionally, this morning, the monetary base in Japan rose 19.5% (Y-o-Y) to ¥ 118.497 trillion in November, following a 17.0% growth in October. The total business investment fell 9.8% (YoY) in the third quarter of 2011, compared to7.8% decline in the second quarter of 2011.
In the Asian session, at GMT0400, the pair is trading at 77.79, with the USD trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 77.60, and a fall through could take it to the next support level of 77.41. The pair is expected to find its first resistance at 77.92, and a rise through could take it to the next resistance level of 78.07.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
