USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.40% against the JPY and closed at 81.33.
Finance Minister, Yoshihiko Noda stated that the Japanese government should not too readily rely on debt issuance to fund post-quake relief and reconstruction. The minister also added that the government’s emergency budget would most probably be ready by the end of April.
Charles Plosser, the President of the Philadelphia Federal Reserve Bank, stated that the US central bank should hike interest rates from current range near zero to 2.5% within a year, starting in the “not-too-distant future.â€
In the Asian session at 3:00GMT, the pair is trading higher from the New York close, by 0.41%, at 81.66.
The first short term resistance is at 81.94, followed by 82.23. The pair is expected to find support at 81.11 and the subsequent support level at 80.57.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
