USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.93% against the JPY and closed at 80.20. The Yen came under pressure after Japan’s Prime Minister, Yoshihiko Noda, said he was set to dissolve parliament and hold a snap election, raising speculation that elections will pave the way for a new government with a more aggressive stance on monetary easing, undermining demand for Japanese Yen.
In the Asian session, at GMT0400, the pair is trading at 80.79, with the USD trading 0.73% higher from yesterday’s close.
The pair is expected to find support at 79.91, and a fall through could take it to the next support level of 79.03. The pair is expected to find its first resistance at 81.24, and a rise through could take it to the next resistance level of 81.69.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
