USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.28% against the JPY and closed at 81.01.
In Japan, yesterday, all industry activity index rose by 2.9% in January following a 0.2% fall in December. Additionally, today, Bank of Japan (BoJ) board member, Ryuzo Miyao stated that, the economy would continue a moderate recovery in the long term, but the latest earthquake is expected to have no small impact on the economy, at least in the short term.
In the Asian session at 4:00GMT, the pair is trading lower from the New York close, by 0.17%, at 80.87.
The first short term resistance is at 81.08, followed by 81.30. The pair is expected to find support at 80.72 and the subsequent support level at 80.58.
With a series of Japan economic releases today, including merchandise trade balance, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
