USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.38% against the JPY and closed at 88.12.
In the Asian session, at GMT0400, the pair is trading at 88.12, with the USD trading marginally higher from yesterday’s close.
Data released this morning indicated that Japan’s official reserve assets fell to $1,268.1 billion as on 31 December 2012, the third consecutive monthly decline and compared to $1,270.9 billion reserves recorded as on 30 November 2012.
The pair is expected to find support at 87.59, and a fall through could take it to the next support level of 87.05. The pair is expected to find its first resistance at 88.44, and a rise through could take it to the next resistance level of 88.75.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
