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by ForexNewsNow Team on December 14th, 2010

USD/JPY falls, amid signs Japan business confidence falling

Technical analysis trading - Japan's flagNEW YORK (Forex News Now) – The greenback dropped against the yen on Tuesday, amid signs that Japanese firms are becoming more pessimistic.

In currency market trading, USD/JPY traded at 83.32 at around 8:40 A.M., GMT, down 0.09% on the day.

The Bank of Japan’s tankan survey is forecast to show that business confidence fell in Japan for the first time in seven quarters, thanks to the strong yen and global slowdown.

According to USD/JPY analysis, the dollar was likely to touch support around the Dec. 7 low of 82.34, and to encounter resistance around yesterday’s high of 84.35.

The dollar’s fall also came as traders awaited a decision by the Federal Reserve on US interest rates, due to take place later in the day.

Elsewhere, the yen also rose against the euro: EUR/JPY traded at 112.09, down 0.37%, according to intraday analysis.

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