USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.13% against the JPY and closed at 76.78, following a rise in the US jobless claims.
In the US, for the week ended 7 January 2012, initial jobless claims advanced to 399,000, the highest in six weeks, following the previous week’s revised figure of 375,000. Meanwhile, for the week ended 31 December 2011, continuing claims edged up to 3.628 million, from the previous week’s revised level of 3.609 million.
In Japan, Eco Watchers’ survey indicated that the Current Conditions Index advanced to 47.0 in December, following a reading of 45.0 in November. However, the outlook index dropped to 44.4 in December from 44.7 in November. Also, Japan’s M2 money stock rose 3.1% (YoY) in December, compared to 3.0% (YoY) rise in November.
In the Asian session, at GMT0400, the pair is trading at 76.80, with the USD trading 0.03% higher from yesterday’s close.
The pair is expected to find support at 76.65, and a fall through could take it to the next support level of 76.51. The pair is expected to find its first resistance at 76.97, and a rise through could take it to the next resistance level of 77.13.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
