Yen Trading Lower In The Asian Session

Yen Trading Lower In The Asian Session

For the 24 hours to 23:00 GMT, the USD strengthened 1.03% against the JPY and closed at 94.90.

In the Asian session, at GMT0400, the pair is trading at 95.40, with the USD trading 0.53% higher from yesterday’s close.

In economic news, current account deficit in Japan widened to ¥364.8 billion in January, while trade deficit widened to ¥1,479.3 billion. Additionally, the Cabinet Office indicated that on a yearly basis, GDP was up 0.2% in the Q42012 in line with expectations and up from the initial reading for a 0.4% decline. GDP contracted 3.8% on year in the third quarter.

Moreover, on a quarterly basis, the gross domestic product remained flat in the Q42012.

The pair is expected to find support at 94.32, and a fall through could take it to the next support level of 93.24. The pair is expected to find its first resistance at 95.97, and a rise through could take it to the next resistance level of 96.53.