USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.51% against the JPY and closed at 79.47.
Yesterday, the Bank of Japan (BoJ) Deputy Governor, Hirohide Yamaguchi stated that sharp rises in the Yen due to Europe’s debt woes could hurt Japanese firms’ profits and the country’s economy.
In the Asian session, at GMT0300, the pair is trading at 79.76, with the USD trading 0.36% higher from yesterday’s close.
This morning, in Japan, monetary base rose 5.9% (YoY) in June, compared to a rise of 2.4% in May.
The pair is expected to find support at 79.43, and a fall through could take it to the next support level of 79.11. The pair is expected to find its first resistance at 79.96, and a rise through could take it to the next resistance level of 80.17.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
