USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.16% against the JPY and closed at 80.13, as slowing global economy spurred investors demand for Yen as refuge.
Federal Reserve Bank of Dallas President, Richard Fisher stated that the central bank has “done enough if not too much” to stimulate the economy and “one has to question the efficacy” of doing more.
In the Asian session at 3:00GMT, the pair is trading higher from yesterday’s close at 23:00 GMT, by 0.07%, at 80.19.
The first short term resistance is at 80.40, followed by 80.60. The pair is expected to find support at 79.97 and the subsequent support level at 79.74.
With a series of Japan economic releases today, including trade balance and money supply, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
