USDJPY Movement
On Friday, for the 24 hours to 23:00 GMT, USD weakened marginally against the JPY and closed at 77.64.
Japanese Finance Minister, Jun Azumi stated that Japan would intervene in the foreign exchange market, if necessary, while keeping a close watch on the currency moves.
In the Asian session, at GMT0400, the pair is trading at 77.58, with the USD trading 0.07% lower from Friday’s close.
Data released this morning in Japan showed that that real GDP fell an annualized 2.3% in the fourth quarter, much worse than forecasts of a 1.3% drop. Additionally, tertiary industry index climbed a seasonally adjusted 1.4% (MoM) in December, from a revised 0.6% fall in November.
The pair is expected to find support at 77.49, and a fall through could take it to the next support level of 77.39. The pair is expected to find its first resistance at 77.74, and a rise through could take it to the next resistance level of 77.90.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
