USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.45% against the JPY and closed at 82.77.
In Japan, trade balance fell sharply in January showing a deficit of ¥471.4 billion compared to surplus of ¥727.0 billion in the previous month. Additionally, corporate service price index fell by 1.1% (Y-o-Y) in January 2011 from 1.3% fall in December.
In the Asian session at 4:00GMT, the pair is trading lower from the New York close, by 0.22%, at 82.59.
The first short term resistance is at 83.17, followed by 83.75. The pair is expected to find support at 82.28 and the subsequent support level at 81.97.
In Japan, data release on small business confidence is expected to influence further trading trends in the pair.
The currency pair is trading well below it 20 Hr and 50 Hr moving averages.
