FXstreet.com (Sydney) - The USD reversed recent losses against the yen and is trading at 89.29. The pair had earlier opened the local session at 89.23. Outlook for the pair is slightly bearish and finds support at 89.00 and resistance at 89.54.
In Japan, the economy grew more than expected in the September quarter and GDP grew by 4.8%. This was the fastest growth rate since 2007. This growth however, is expected to fade as stimulus spending is diminished.
The yen rose against the dollar following that report, however, the dollar rebounded. Investors had feared that further depreciation in the dollar could give rise to inflation.