USDJPY Movement
For the 24 hours to 23:00 GMT, USD traded flat against the JPY and closed at 76.19.
Bank of Japan Deputy Governor, Hirohide Yamaguchi has hinted that the Central Bank stands ready for additional easing measures in the event of a further strengthening in the Japanese currency.
Meanwhile in the US, initial jobless claims declined to 367,000 in the week ended 28 January 2012, while continuing claims eased to 3.437 million in the week ended 21 January 2012.
In the Asian session, at GMT0400, the pair is trading at 76.19, with the USD trading steady from yesterday’s close.
The pair is expected to find support at 76.07, and a fall through could take it to the next support level of 75.95. The pair is expected to find its first resistance at 76.28, and a rise through could take it to the next resistance level of 76.38.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is trading converging with its 20 Hr and 50 Hr moving averages.
