USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.42% against the JPY and closed at 77.75. Yen gained against its US counterpart over speculation that the Bank of Japan would act to weaken its currency.
This morning, the current account surplus in Japan stood at ¥1.584 trillion in September, compared to a surplus of ¥407.5 billion in August.
In the Asian session, at GMT0400, the pair is trading at 77.57, with the USD trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 77.39, and a fall through could take it to the next support level of 77.20. The pair is expected to find its first resistance at 77.91, and a rise through could take it to the next resistance level of 78.24.
The pair is expected to trade on the cues from the release of money supply and economic watchers survey data in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
