USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the JPY and closed at 102.25.
In the Asian session, at GMT0300, the pair is trading at 102.22, with the USD trading marginally lower from yesterday’s close.
This morning, economic data indicated that gross domestic product in Japan rose more-than-expected by 0.9% (QoQ) in the first quarter of 2013 (1Q 2013), following a revised 0.3% growth recorded in the previous quarter. Market had expected a growth of 0.7%.
The pair is expected to find support at 101.79, and a fall through could take it to the next support level of 101.36. The pair is expected to find its first resistance at 102.72, and a rise through could take it to the next resistance level of 103.21.
Further insights into the Japanese industrial activity would be provided by industrial production and machinery orders data scheduled for release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
