USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 1.21% against the JPY and closed at 80.83, as fears of increase in nuclear crisis following earthquake and tsunami sent Tokyo’s stock market and global equities tumbling.
In Japan, central bank ramped up provisions of emergency funds by offering Â¥20 trillion in a wide range of operations to calm financial markets shaken by the country’s disasters.
In Japan, yesterday, the business survey index for large manufacturers in Japan rose to -3.2 in the first quarter of 2011 (1Q FY2011), following a score of -8.0 recorded in the previous quarter.
In the Asian session at 4:00GMT, the pair is trading lower from the New York close, by 0.01%, at 80.82.
The first short term resistance is at 81.61, followed by 82.41. The pair is expected to find support at 80.29 and the subsequent support level at 79.77.
Trading trends in the pair today are expected to be determined by release of data on tertiary industry index
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
