USDJPY Movement
For the 24 hours to 23:00 GMT, USD rose marginally higher against the JPY and closed at 76.83.
In the US, the Federal Reserve Bank of New York reported that its General Business Conditions Index advanced to 13.5 in January, from a revised reading of 8.2 recorded in December.
Japanese Finance Minister, Jun Azumi, stated that the Standard and Poor’s downgrade of the European Financial Stability Fund (EFSF) would not change Japan’s policy on EFSF bond buys.
In the Asian session, at GMT0400, the pair is trading at 76.69, with the USD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 76.55, and a fall through could take it to the next support level of 76.40. The pair is expected to find its first resistance at 76.84, and a rise through could take it to the next resistance level of 76.99.
Trading trends in the pair today are expected to be determined by the release of Japan’s capacity utilization and industrial production.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
