USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.30% against the JPY and closed at 77.47.
Data released this morning showed that retail sales in Japan rose 2.5% (YoY) to ¥13.049 trillion in December, following an upwardly revised 2.0% drop in November. Additionally, the core Consumer Price Index in Japan fell 0.1% (YoY) in December, from a 0.2% contraction in November.
Minutes of the Bank of Japan’s (BoJ) latest monetary policy meeting revealed that the members of the monetary policy board believe that the steps taken by the central bank to tackle the current economic slowdown have been effective. However, the policymakers have not ruled out the use of additional measures if the economic situation deteriorates further.
In the Asian session, at GMT0400, the pair is trading at 77.10, with the USD trading 0.48% lower from yesterday’s close.
The pair is expected to find support at 76.83, and a fall through could take it to the next support level of 76.57. The pair is expected to find its first resistance at 77.57, and a rise through could take it to the next resistance level of 78.04.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
