Japanese Yen (JPY), Daily Review, Feb 1 2009

By IBTimes Staff Reporter | February 01 2010 5:07 AM

The Yen weakened versus the Dollar after U.S GDP report raised expectation for a rate hike in the U.S in 2010. The Yen rose versus the other major currencies as declines in stocks raised Risk Aversion. Japanese Finance Minister Kan called for the Central Bank to intervene and weaken the Yen in order to support the economy. Overall, USD/JPY traded with a low of 89.59 and a high of 90.92. USD/JPY is consolidating below 50 and 100 moving day averages and a cross above will signal a bullish trend. Today, Monetary Base is expected weaker with 4.9% versus 5.2% prior.

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USD/JPY-Last: 90.35

Resistance

90.95

91.20

91.55

Support

90.05

89.60

89.35

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