USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.17% against the JPY and closed at 78.16.
In the Asian session, at GMT0300, the pair is trading at 78.14, with the USD trading 0.03% lower from yesterday’s close.
This morning, Japan posted a trade surplus of ¥61.7 billion in June, against the market expectation of ¥135 billion deficit.
Separately, the Bank of Japan Deputy Governor, Hirohide Yamaguchi stated that the central bank would not hesitate to ease monetary policy further if risks to Japan’s economy heighten sharply resulting from some kind of shock.
The pair is expected to find support at 78.03, and a fall through could take it to the next support level of 77.91. The pair is expected to find its first resistance at 78.30, and a rise through could take it to the next resistance level of 78.45.
Trading trends in the pair today are expected to be determined by corporate service price data in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
