USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.05% against the JPY and closed at 76.99.
This morning, the Bank of Japan (BoJ) has retained its benchmark interest rate in the range of zero to 0.1%, as widely expected. However, the central bank lowered the nation’s growth forecast for fiscal 2012 to 2.0% from a previous estimate of 2.2%.
In the Asian session, at GMT0400, the pair is trading at 77.00, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 76.88, and a fall through could take it to the next support level of 76.76. The pair is expected to find its first resistance at 77.10, and a rise through could take it to the next resistance level of 77.20.
Investors are awaiting economic releases of trade balance in Japan, later today.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
