USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.22% against the JPY and closed at 77.45.
In economic news, the Gross domestic Product (GDP) fell 2.3% (YoY) in fourth quarter of 2011, compared to an upwardly revised 1.7% expansion recorded in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 77.92, with the USD trading 0.60% higher from yesterday’s close.
This morning, Bank of Japan (BoJ) unexpectedly expanded its asset-purchase program by ¥10 trillion to ¥65 trillion. Also, the BoJ left its key interest rate unchanged at a range of zero to 0.1% by a unanimous vote.
The pair is expected to find support at 77.54, and a fall through could take it to the next support level of 77.16. The pair is expected to find its first resistance at 78.13, and a rise through could take it to the next resistance level of 78.34.
Trading trends in the pair today are expected to be determined by the release of Japan’s industrial production.
The currency pair is trading well above its 20 Hr and its 50 Hr moving averages.
