USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.78% against the JPY and closed at 76.60.
In Japan, this morning, the monetary base rose to 16.7% (Y-o-Y) in September from 15.9% in August.
In the Asian session, at GMT0300, the pair is trading at 76.69, with the USD trading 0.12% higher from the New York close, after Goldman Sachs Group cut its forecast for Japan’s real economic growth during the fiscal year ending March 2012 to 0.1% from 0.2%, citing slowdown in global expansion. The group also reduced its economic growth forecast for Japan to 2.1% from 2.5% for the year starting April 2012.
The pair is expected to find support at 76.43, and a fall through could take it to the next support level of 76.18. The pair is expected to find its first resistance at 77.02, and a rise through could take it to the next resistance level of 77.36.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
