Japanese Yen (JPY), Daily Review, Jan 29 2009

By IBTimes Staff Reporter | January 29 2010 5:56 AM

The Yen strengthened against higher-yielding currencies as stocks rose after the Federal Reserve said the U.S. economy is in a recovery. Overall, USD/JPY traded with a low of 89.63 and with a high of 90.55. Tokyo Core CPI came out worse than expected at -2.0% vs. -1.8%, Prelim Industrial Production came out at 2.2% vs. 2.5% forecast. On the daily graph of the USD/JPY we can see a clearly down trend therefore the momentum is still bearish till it breaks the resistance at 90.70 levels. No economic data expected today.

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USD/JPY-Last: 89.93

Resistance

90.55

91.87

Support

89.60

89.15

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