USD/JPY declined as the ECB’s Draghi gave the banks Policy Statement and US jobless figures were released. The pair, which had previously made a morning high at 78.67, declined as US Initial and Continuing Jobless claims beat and disappointed analyst expectations at 367k/370k and 3.281m/3.271m respectively. Elsewhere, ECB President Draghi heralded the calming effects of OMT’s in reducing systemic risk whilst highlighting that he expected growth to remain low with the Eurozone for an extended period. Bijoy Kar of MIG Bank believes that the break of 78.46 makes a test of 79.22 look likely and that the pair is in a long term bottoming process which is oversold in the medium term. Ahead, looking into the US agenda, we have Factory Orders at 14:00 GMT alongside Canadian PMI. However, the headline event of the evening is the release of the FOMC minutes at 18:00 GMT.