By GCI Forex Research
USDJPY MovementFor the 24 hours to 23:00 GMT, USD weakened 1.33% against the JPY on Friday and closed at 81.88.
In the US, New York Fed President William Dudley, indicated that the US economy has improved considerably in the past six months and rising oil prices are unlikely to derail its recovery.
The BOJ stated that it will inject ¥12 trillion ($146 billion) into the financial system to bolster market confidence after the earthquake. Today morning in Japan, industrial production declined by 1.3% in January from 3.3% in December. Additionally, capacity utilization rose by 3.6% in January from 3.0% in December.
In the Asian session at 4:00GMT, the pair is trading higher from the New York close, by 0.23%, at 82.07.
The first short term resistance is at 83.13, followed by 84.18. The pair is expected to find support at 81.19 and the subsequent support level at 80.30.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.
DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
