USDJPY Movement
On Friday, the USD weakened 0.46% against the JPY and closed at 96.33.
In the Asian session, at GMT0300, the pair is trading at 96.57, with the USD trading 0.25% higher from Friday’s close. The yen is trading under pressure, after data showed that Japanese economy grew at a slower-than-expected pace in April-June.
Data released this morning indicated that Japan’s GDP climbed 0.6% in the Q2 2013, against the expected rise of 0.9% and compared to a downwardly revised growth of 0.9% reported in the previous quarter.
The pair is expected to find support at 96.06, and a fall through could take it to the next support level of 95.54. The pair is expected to find its first resistance at 96.95, and a rise through could take it to the next resistance level of 97.33.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
