USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 89.45.
In the Asian session, at GMT0400, the pair is trading at 89.03, with the USD trading 0.47% lower from yesterday’s close.
Data released this morning indicated that the annual M2+CD money stock in Japan increased more-than-expected by 2.6% in December, compared to a 2.1% rise posted in November.
The Bank of Japan (BoJ) Governor, Masaaki Shirakawa, stated that the central bank would continue with its aggressive monetary easing to stimulate the nation’s economy.
The pair is expected to find support at 88.56, and a fall through could take it to the next support level of 88.08. The pair is expected to find its first resistance at 89.58, and a rise through could take it to the next resistance level of 90.12.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
