USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.76% against the JPY and closed at 94.19. The Japanese Yen eased after the US Treasury official, Lael Brainard offered his support towards Japan’s efforts to end deflation and ahead of the Bank of Japan’s monetary policy meeting on 14 February 2013.
In the Asian session, at GMT0400, the pair is trading at 94.19, with the USD trading marginally lower from yesterday’s close.
Data released this morning indicated that the M3 money stock in Japan advanced 2.3% (YoY) in January, compared to a 2.2% rise reported last month. Meanwhile, M2 money stock in Japan increased 2.7% (YoY) to ¥829.9 trillion in January.
The pair is expected to find support at 92.96, and a fall through could take it to the next support level of 91.74. The pair is expected to find its first resistance at 94.95, and a rise through could take it to the next resistance level of 95.71.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
