USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD weakened 0.20% against the JPY and closed at 83.50, ahead of Japan’s general election over the weekend.
In the Asian session, at GMT0400, the pair is trading at 84.13, with the USD trading 0.75% higher from Friday’s close. The Yen trading lower after Shinzo Abe, the Liberal Democratic party candidate became the Prime Minister of Japan, on Sunday, thereby raising investor hopes for further stimulus in early 2013.
The pair is expected to find support at 83.52, and a fall through could take it to the next support level of 82.91. The pair is expected to find its first resistance at 84.54, and a rise through could take it to the next resistance level of 84.95.
The currency pair is trading well above its 20 Hr and 50 Hr moving averages.
