By GCI Forex Research
USDJPY MovementFor the 24 hours to 23:00 GMT, USD weakened 2.68% against the JPY and closed at 78.66, as fears over the nuclear crisis in Japan deepened more and amid speculation that the Japanese government may interfere to control the rise in currency.
In Japan, yesterday, tertiary industry index rose by 2.1% (M-o-M) in January, compared to decline of 0.9% in December.
In the Asian session at 4:00GMT, the pair is trading higher from the New York close, by 0.41%, at 78.98.
The first short term resistance is at 81.15, followed by 83.31. The pair is expected to find support at 76.66 and the subsequent support level at 74.33.
Investors are eying monetary policy meeting minutes in Japan to be released later today.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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