Greenback Gives Up Some Gains against the Yen in the Asian Session

Greenback Gives Up Some Gains against the Yen in the Asian Session

For the 24 hours to 23:00 GMT, the USD strengthened 0.77% against the JPY and closed at 87.28, after the US lawmakers passed a bill on Tuesday to avoid the “fiscal cliff”.

Additionally, the Yen came under pressure amid expectations that a new Japanese government led by Prime Minister, Shinzo Abe would push the Bank of Japan into more forceful monetary easing to beat deflation.

In the Asian session, at GMT0400, the pair is trading at 87.24, with the USD trading slightly lower from yesterday’s close.

The pair is expected to find support at 87.02, and a fall through could take it to the next support level of 86.79. The pair is expected to find its first resistance at 87.41, and a rise through could take it to the next resistance level of 87.58.