USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.06% against the JPY and closed at 81.81.
In a speech this morning, Bank of Japan board member, Tadao Noda, said that BoJ is ready to take “appropriate†policy action in case risks to Japan’s recovery emerge. He indicated that the economy is gradually recovering.
In Japan, capital spending rose by 3.8% (Y-o-Y) in Q4 2010, following a rise of 5.0% in Q3 2010 and against expectations of a rise of 5.9%.
In the Asian session at 4:00GMT, the pair is trading higher from the New York close, by 0.01%, at 81.82.
The first short term resistance is at 82.09, followed by 82.36. The pair is expected to find support at 81.58 and the subsequent support level at 81.34.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
