In currency trading the Asian session today (20-05), the Yen looks slightly weaker against the U.S. Dollar. Pair USD/JPY is currently engaged in the range of 91.80.
This morning was just released Prelim GDP data for Japan’s first quarter-2010, where Japan’s economy recorded 1.2% growth, better than the previous quarter at 1.0%. But the figure is still slightly below expectations at 1.4%.
The technical, USD / JPY is still in a bullish trend, but the strengthening yen could still happen given rise to a safe haven investment breakout lately. Yen long-term outlook is still projected to weaken due to several factors, namely the first is still haunted by Japan’s deflation, so that monetary policy will remain loose for some time to come, then the weak yen is still needed to sustain the export sector in which a motor current economic recovery . Support is strong enough to be found in the range of 89.00 to 88.00.
USD / JPY is likely to weaken to a level of 90.40 if the past level of support at 91.15. Strengthening U.S. Dollar to Yen can occur when passing on the level of resistance level of 92.15 to 92.65.
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