USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened marginally against the JPY and closed at 78.13.
In the Asian session, at GMT0300, the pair is trading at 78.12, with the USD trading marginally lower from yesterday’s close.
This morning, in Japan, corporate service price fell 0.3% (YoY) to 96.0 in June, following a 0.1% increase recorded in May.
Separately, Senior Vice Finance Minister, Fumihiko Igarashi stated that the Japanese Finance Ministry’s regional offices upgraded their view on the nation’s economy in the second quarter.
The pair is expected to find support at 78.02, and a fall through could take it to the next support level of 77.92. The pair is expected to find its first resistance at 78.25, and a rise through could take it to the next resistance level of 78.38.
Trading trends in the pair today are expected to be determined by the release of consumer price index and retail trade data in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
