USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.30% against the JPY, on Friday, and closed at 77.99. The Japanese Yen traded lower, amid concerns that the Japanese Government would intervene in the currency markets, to stem the rise in the Yen. Japanese Finance Minister, Jun Azumi reiterated that he would not hesitate to take action if speculative moves drive the Yen higher.
In the Asian session, at GMT0400, the pair is trading at 77.97, with the USD trading slightly lower from Friday’s close.
The pair is expected to find support at 77.78, and a fall through could take it to the next support level of 77.59. The pair is expected to find its first resistance at 78.13, and a rise through could take it to the next resistance level of 78.30.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
