USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.44% against the JPY and closed at 81.68. Yen traded lower, after Bank of Japan (BoJ) Governor, Masaaki Shirakawa comments that he is ‘committed’ to additional monetary easing. The Yen also fell against greenback, after reports showed that merchandise trade balance in Japan showed a deficit of ¥82.55 billion in March, compared to a surplus of ¥29.4 billion in February.
In the Asian session, at GMT0300, the pair is trading at 81.58, with the USD trading 0.12% lower from yesterday’s close, after reports showed that tertiary industry index in Japan, stood flat, month-on-month in February, compared to 0.6% decline in the previous month. Market had expected 0.8% rise in February.
The pair is expected to find support at 81.36, and a fall through could take it to the next support level of 81.15. The pair is expected to find its first resistance at 81.76, and a rise through could take it to the next resistance level of 81.95.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
