USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.40% against the JPY and closed at 85.01.
The current account surplus in Japan advanced to ¥1.641 trillion in February, compared to a surplus of ¥ 461.9 billion in January. Additionally, the trade balance posted a ¥723.3 billion surplus in February, following the ¥394.5 billion deficit in January.
The Bank of Japan’s (BoJ) policy board unanimously voted to retain the overnight call rate in the range of 0.0% to 0.1%. Additionally, the BoJ announced its plans to lend a total of ¥1.0 trillion in one-year loans at 0.1% to financial institutions in areas hit by the earthquake and tsunami.
In the Asian session at 3:00GMT, the pair is trading higher from the New York close, by 0.19%, at 85.17.
The first short term resistance is at 85.54, followed by 85.92. The pair is expected to find support at 84.67 and the subsequent support level at 84.18.
The pair is expected to trade on the cues from the release of Eco Watchers Survey data in Japan, later today.
The currency pair is showing convergence with 50 Hr moving average and is trading just above its 20 Hr moving average.
