FXstreet.com (Sydney) - The USD/JPY has dropped to its lowest level since early October and is trading at 88.25. The pair has dropped steadily since opening at 88.47 and has shed 25 pips. The USD/JPY finds support at 88.00 and resistance at 88.57. Outlook for the pair is slightly bearish.
In the US, less than impressive economic data at first had a negative effect on the market. GDP grew by 2.8% in the September quarter, down from the estimated 3.5% this caused for the markets to fall. However, they recovered after Fed revised upwards its growth estimates for 2010 to 3.5%.
Meanwhile in Japan, October exports fell 23.2% compared to the previous year. However, this figure came in below the 26.5% forecast.