USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.78% against the JPY and closed at 85.69, as the Japanese Prime Minister, Shinzo Abe, promised that his new government would take bold steps to ensure that the yen weakens.
On the economic front, the Small Business Confidence Index in Japan, increased slightly to a reading of 43.8 in December, compared to a reading of 43.3 recorded in November.
In the Asian session, at GMT0400, the pair is trading at 85.85, with the USD trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 85.29, and a fall through could take it to the next support level of 84.73. The pair is expected to find its first resistance at 86.14, and a rise through could take it to the next resistance level of 86.43.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
