USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.29% against the JPY and closed at 82.98.
In Japan, yesterday, machine tool orders surged by 73.7% (Y-o-Y) to reach ¥112.57 billion in February compared to an increase of 89.8% in the previous month. In the US, initial jobless claims rose to 397,000 in the week ended on 5th March 2011 from 371,000 in the previous week.
In the Asian session at 4:00GMT, the pair is trading lower from the New York close, by 0.20%, at 82.81.
The first short term resistance is at 83.07, followed by 83.33. The pair is expected to find support at 82.66 and the subsequent support level at 82.51.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
