GCI Forex News - USD/JPY: Japan cuts its economy’s assessment for the first time in 10 months

USDJPY Movement

For the 24 hours to 23:00 GMT, USD traded steady against the JPY and closed at 78.75.

The Chicago Federal Reserve President, Charles Evans stated that the Fed should immediately launch a fresh round of monetary stimulus and buy bonds for as long as it takes to produce a steady decline in the jobless rate.

In the Asian session, at GMT0300, the pair is trading at 78.54, with the USD trading 0.27% lower from yesterday’s close.

This morning, the Japanese government cut its assessment for the first time since October 2011, as slowing global growth weighed on exports and factory output, and threatened recovery prospects.

The pair is expected to find support at 78.42, and a fall through could take it to the next support level of 78.30. The pair is expected to find its first resistance at 78.75, and a rise through could take it to the next resistance level of 78.96.

Small business confidence data in Japan is the key economic indicator scheduled for release today.

The currency pair is trading far below its 20 Hr and 50 Hr moving averages.