USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.18% against the JPY and closed at 81.69, on poor Japanese economic data.
In Japan, today morning, on a sequential basis, the GDP contracted 0.9% in the first quarter of 2011 (1Q FY2011), compared to a downwardly revised 0.8% drop recorded in 4Q FY2010.
In the Asian session at 3:00GMT, the pair is trading lower from the New York close, by 0.18%, at 81.54.
The first short term resistance is at 81.94, followed by 82.33. The pair is expected to find support at 81.02 and the subsequent support level at 80.49.
Trading trends in the pair today are expected to be determined by data release on industrial production and capacity utilization in Japan.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
