USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.50% against the JPY, on Friday and closed at 83.21.
In Japan, on Friday, on monthly basis, industrial production showed upwardly revised growth by 1.8% in February. Capacity utilization rose by 2.9% in February compared 1.0% rise in the previous month.
In the Asian session at 3:00GMT, the pair is trading lower from the New York close, by 0.32%, at 82.94, as the Chinese central bank raised the banks’ reserve requirement ratio and on renewed concerns over mounting debt problems in peripheral euro zone nations. China’s central bank on Sunday raised the banks’ reserve requirement ratio by 50 basis points in an attempt slow credit growth amid rising inflation.
The first short term resistance is at 83.50, followed by 84.05. The pair is expected to find support at 82.61 and the subsequent support level at 82.27.
The currency pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
