USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.07% against the JPY and closed at 81.82.
In Japan, yesterday, overall household spending fell by 1.0% (Y-o-Y) over the year to January 2011, after falling by 3.3% through the year to December 2010. Unemployment rate stood at 4.9% in January, unchanged from the previous month. Additionally, today, labor cash earnings in Japan rose by 0.2% (Y-o-Y) over the year to January 2011, following a revised increase of 0.1% the previous month.
In the Asian session at 4:00GMT, the pair is trading higher from the New York close, by 0.38%, at 82.13.
The first short term resistance is at 82.29, followed by 82.45. The pair is expected to find support at 81.77 and the subsequent support level at 81.41.
Trading trends in the pair today are expected to be determined by data release of monetary base, labor cash earnings and vehicle sales in Japan.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
