USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.15% against the JPY and closed at 78.72, after the US gross domestic product rose at a seasonally adjusted annual rate of 1.7% in the three months to June, up from a preliminary estimate of 1.5%.
Additionally, the US pending home sales index rose 2.4% (MoM) in July, surpassing expectations for a 1.0% increase.
In the Asian session, at GMT0300, the pair is trading at 78.64, with the USD trading 0.10% lower from yesterday’s close.
This morning, in Japan, retail sales, on a seasonally adjusted basis, declined 1.5% (MoM) in July, against the forecasts for a fall of 0.5%, and following the 1.2% contraction in June.
The pair is expected to find support at 78.48, and a fall through could take it to the next support level of 78.33. The pair is expected to find its first resistance at 78.79, and a rise through could take it to the next resistance level of 78.95.
Trading trends in the pair today are expected to be determined by the release of Nomura/JMMA manufacturing purchasing manager index, consumer price index and jobless rate in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
