USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.68% against the JPY, on Friday, and closed at 77.12.
In Japan, this morning, the Gross Domestic Product (GDP) rose 1.5% in the third quarter of 2011, following a 0.5% contraction in second quarter of 2011.
In the Asian session, at GMT0400, the pair is trading at 77.14, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 76.93, and a fall through could take it to the next support level of 76.72. The pair is expected to find its first resistance at 77.47, and a rise through could take it to the next resistance level of 77.80.
The pair is expected to trade on the cues from the release of data on industrial production and capacity utilization in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
