USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.37% against the JPY and closed at 77.58.
Yesterday, the Federal Reserve has lowered its growth forecast to 2% in 2012, down from June’s forecast for as much as 2.4% growth. However, the central bank raised its 2013 and 2014 growth forecast to as much as 3% and 3% to 3.8%, respectively.
In the Asian session, at GMT0300, the pair is trading at 77.61, with the USD trading 0.04% higher from yesterday’s close.
The pair is expected to find support at 77.23, and a fall through could take it to the next support level of 76.85. The pair is expected to find its first resistance at 77.89, and a rise through could take it to the next resistance level of 78.17.
Trading trends in the pair today are expected to be determined by the release of industrial production data in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
