For the 24 hours to 23:00 GMT on Friday, USD weakened 0.29% against the JPY and closed at 78.48.
In the Asian session, at GMT0300, the pair is trading at 78.18, with the USD trading 0.38% lower from Friday’s close.
This morning, the Bank of Japan Governor, Masaaki Shirakawa stated that Japan’s monetary base is on the rise and is expected to continue expanding due to the Bank of Japan’s asset purchases.
The pair is expected to find support at 78.00, and a fall through could take it to the next support level of 77.83. The pair is expected to find its first resistance at 78.50, and a rise through could take it to the next resistance level of 78.83.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.