USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.76% against the JPY and closed at 77.65 after the US Department of Labor reported that the number of individuals filing for initial jobless benefits in the week ended 4 February 2012 fell by 15,000 to a seasonally adjusted 358,000, against the expectations of a decline to 370,000.
Meanwhile in Japan, the Consumer Sentiment Index rose unexpectedly to 40.0 in January, from 38.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 77.61, with the USD trading 0.04% lower from yesterday’s close.
This morning, the corporate goods price index climbed 0.5% (YoY) in January, from the previous month’s 1.2% growth.
The pair is expected to find support at 77.24, and a fall through could take it to the next support level of 76.87. The pair is expected to find its first resistance at 77.86, and a rise through could take it to the next resistance level of 78.10.
With no key economic releases in the day ahead, Yen is expected to ride on general market cues against the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
