USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.20% against the JPY and closed at 81.15.
In the Asian session, at GMT0400, the pair is trading at 81.47, with the USD trading 0.40% higher from yesterday’s close.
In economic news, this morning, the monetary base in Japan rose 11.3% (YoY) in February, compared to 15.0% growth in the previous month. Additionally, the National Consumer Price Index rose 0.1% (MoM) in January, unchanged from the previous month. Meanwhile, the unemployment rate edged up to 4.6% in January, compared to a downwardly revised rate of 4.5% in December.
Meanwhile, Japan Finance Minister, Jun Azumi stated that Japan would consider whether to buy more bonds issued by the Euro-zone’s EFSF rescue fund by taking account of Europe’s own measures to resolve its debt crisis.
The pair is expected to find support at 81.04, and a fall through could take it to the next support level of 80.62. The pair is expected to find its first resistance at 81.70, and a rise through could take it to the next resistance level of 81.92.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
