USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.38% against the JPY and closed at 79.66, after Federal Reserve Chairman, Ben Bernanke, refrained from signaling additional steps the central bank might take to spur growth, during congressional testimony.
In the Asian session, at GMT0300, the pair is trading at 79.45, with the USD trading 0.27% lower from yesterday’s close.
Data released this morning showed that Japanese gross domestic product (GDP) rose 1.2% (QoQ) in the first quarter of 2012, surpassing market expectation of 1.1% rise and previous quarter growth of 1.0%. However, nations’ trade deficit widened more-than-expected to ¥463.9 billion in April, while current account surplus fell to ¥333.8 billion in April.
The pair is expected to find support at 79.20, and a fall through could take it to the next support level of 78.94. The pair is expected to find its first resistance at 79.75, and a rise through could take it to the next resistance level of 80.05.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
