USDJPY Movement
For the 24 hours to 23:00 GMT, USD traded flat against the JPY and closed at 76.69.
In Japan, yesterday, the Consumer Confidence Index declined to 38.6 in September, from 37.0 in the previous month. Japan’s Economy Watchers survey reported that the current conditions index dropped to 45.3 in September, from 47.3 in August. The outlook index declined to 46.4 in September, from 47.1 in August. Additionally, this morning, the machine orders rose 11.0% (M-o-M) in August, following 8.2% decline in the previous month.
In its monthly economic report, the Bank of Japan, reported that the Japanese economic activity is picking up and is expected to return to a moderate recovery path.
In the Asian session, at GMT0300, the pair is trading at 76.72, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 76.63, and a fall through could take it to the next support level of 76.53. The pair is expected to find its first resistance at 76.79, and a rise through could take it to the next resistance level of 76.85.
Investors are eying the Bank of Japan (BoJ) monetary policy meeting minutes along with other economic releases in Japan to be released later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
