USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.31% against the JPY and closed at 83.36.
In Japan, on an annual basis, wage earners’ total cash earnings edged up 0.3% in February, rising for the 12th straight month. Housing starts rose 10.1% (Y-o-Y) in February, following a 2.7% increase recorded in January. In morning news, the Bank of Japan’s quarterly Tankan survey indicated that large manufacturers’ index rose to 6.0 in the first quarter of 2011, following 5.0 in the previous quarter.
In the Asian session at 3:00GMT, the pair is trading higher from the New York close, by 0.36%, at 83.66.
The first short term resistance is at 84.07, followed by 84.48. The pair is expected to find support at 82.89 and the subsequent support level at 82.12.
The pair is trading well above its 20 Hr and 50 Hr moving averages.
