USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.64% against the JPY and closed at 79.16.
In Japan, today, Finance Minister Yoshihiko Noda stated that the joint intervention by the Group of seven industrial nations in the foreign exchange market is formed to restore the stability of the dollar-yen foreign exchange rates. Additionally, in the US, leading indicators rose by 0.8% (M-o-M) in February from 0.1% gain in January.
In the Asian session at 4:00GMT, the pair is trading higher from the New York close, by 3.35%, at 81.81.
The first short term resistance is at 83.04, followed by 84.26. The pair is expected to find support at 79.41 and the subsequent support level at 77.00.
Trading trends in the pair today are expected to be determined by release of data on leading economic index and coincident index in Japan.
The currency pair is trading well above its 20 Hr and 50 Hr moving averages.
