USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.05% against the JPY and closed at 101.41.
In the Asian session, at GMT0300, the pair is trading at 101.48, with the USD trading 0.07% higher from yesterday’s close.
This morning, the Japanese government slashed its economic growth forecast for the current fiscal year to March 2015 at 1.2% as compared to its previous forecast of 1.4% growth, citing downbeat exports and a larger-than-expected pullback in demand post the April sales-tax hike.
On the macro front, the all industry activity index in Japan edged up to a seasonally adjusted 0.6%, from a decline of 4.6% reported in the previous month.
The pair is expected to find support at 101.26, and a fall through could take it to the next support level of 101.05. The pair is expected to find its first resistance at 101.61, and a rise through could take it to the next resistance level of 101.74.
Trading trends in the Yen today are expected to be determined by the release of leading and coincident indices, scheduled in few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
