USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened marginally against the JPY and closed at 76.56.
This morning, Bank of Japan Governor, Masaaki Shirakawa stated that the central bank would continue to do its utmost to achieve sustained economic growth with price stability, indicating its readiness to maintain an ultra-easy monetary policy until an end to deflation is in sight.
In the Asian session, at GMT0400, the pair is trading at 76.71, with the USD trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 76.55, and a fall through could take it to the next support level of 76.39. The pair is expected to find its first resistance at 76.84, and a rise through could take it to the next resistance level of 76.96.
Trading trends in the pair today are expected to be determined by the release of Leading Economic Index, Coincident Index and trade balance data in Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
