JPY Daily News

82 Level Seen as Solid Resistance for USD/JPY

Positive economic data was released this morning with the Japanese unemployment rate falling to 4.6% from 4.9%. Economists forecasted the unemployment rate to remain unchanged. Retail sales y/y also rose 0.1% from last year's climb of 0.1%. Forecasts were for a decline 0f -0.4%.

While the economic data is a bright spot for the Japanese economy, one must remember that this data was collected prior to the earthquake and tsunami. The economic repercussions from the disaster have yet to be felt in the economic data releases. In the background of yen trading is the struggle to contain radiation leaks from Japanese nuclear power plants that suffered damage during the earthquake and tsunami.

Yesterday was characteristic of the performance of the yen as a lack of volatility was seen. The USD/JPY moved only 43 pips. The Average True Range (14) for the pair is 95 and falling. The pair rose to 81.84 before falling back to close at 81.71. The 82.00 level should serve as a solid resistance level for the pair with support coming in at 80.60.

Current Time: 05/26 23:56 GMT

Add events to google calendar Mark all Unmark all Print

#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
03/29
	00:50	JPY	Prelim Industrial Production	m/m	1.3%	0.0%	-