For the 24 hours to 23:00 GMT, USD weakened marginally against the JPY and closed at 78.13.
In Japan, housing starts fell 0.2% (YoY) in June, compared to a 9.3% surge in May. Additionally, annualized housing starts in the nation declined to 837,000 in June.
In the Asian session, at GMT0300, the pair is trading at 77.99, with the USD trading 0.18% lower from yesterday’s close, as a signs of economic slowdown in the US boosted speculation that the Federal Reserve would signal additional monetary easing at the end of its meeting today.
The pair is expected to find support at 77.83, and a fall through could take it to the next support level of 77.67. The pair is expected to find its first resistance at 78.23, and a rise through could take it to the next resistance level of 78.47.
Investors await monetary base data in Japan, later today.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.