USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.59% against the JPY and closed at 83.80.
The Bank of Japan decided yesterday by unanimous vote to keep the benchmark rate between 0.0% and 0.1% for fifth consecutive month as widely expected. Additionally, Japanese industrial production grew by 3.3% (M-o-M) in December 2010, up from an initial 1.0% increase in November 2010 and tertiary industry index fell by 0.8% (M-o-M) in December 2010, following a rise of 0.6% in November.
In the Asian session at 4:00GMT, the pair is trading 0.07% lower from the New York close at 83.74.
The first short term resistance is at 84.02, followed by 84.30. The pair is expected to find support at 83.36 and the subsequent support level at 82.98.
The currency pair is showing convergence with its 20 Hr moving average and is trading well above its 50 Hr moving average.
