USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.17% against the JPY and closed at 76.83.
This morning, in Japan, the Cabinet Office indicated that the Gross Domestic Product (GDP) would rise 0.5% in the current year, following the previous forecast indicating a 1.5% expansion in the GDP. Also, the Cabinet Office expected the Japanese GDP to rise 2.7%-2.9% in 2012.
In the Asian session at 3:00GMT, the pair is trading higher from yesterday’s close at 23:00 GMT, by 0.07%, at 76.88.
The first short term resistance is at 77.20, followed by 77.53. The pair is expected to find support at 76.41 and the subsequent support level at 75.95.
Trading trends in the pair today are expected to be determined by release of capacity utilization and industrial production data in Japan.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
