Yesterday the dollar strengthened versus the yen following better than expected US weekly jobless claims. Weak capital expenditure also had traders buying the pair as Japanese companies increased capex spending, though at a slower pace than the market expected. Q4 capital expenditure rose by 3.8%. However, economists had forecasted an increase of 5.9%
Following the yen negative economic data, the USD/JPY rallied sharply higher, moving above its first resistance level at 82.20 to close at 82.40 after opening the day at 81.83.
Further gains in the pair may be expected tomorrow should the US Non-Farm Payrolls report show an improving employment picture in States. A minor resistance level at 83.50 looks to be reinforced as this price coincides with the 200-day moving average, a resistance level the pair failed to break previously in mid-February.