USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.19% against the JPY and closed at 78.57.
In the Asian session, at GMT0300, the pair is trading at 78.44, with the USD trading 0.17% lower from yesterday’s close.
Data released this morning in Japan showed that the unemployment rate came in at a seasonally adjusted 4.3% in July, in line with expectations and unchanged from the previous month. Meanwhile, total National consumer price index declined 0.4% (YoY) in July, marking a second straight fall. Separately, the Nomura/JMMA manufacturing purchasing manager index fell to a reading of 47.7 in August, against the reading of 47.90 in July. Additionally, industrial output, on a seasonally adjusted basis, fell 1.2% (MoM) in July, missing expectations for a 1.8% rise.
The pair is expected to find support at 78.36, and a fall through could take it to the next support level of 78.29. The pair is expected to find its first resistance at 78.59, and a rise through could take it to the next resistance level of 78.75.
In Japan, housing starts data due out later today is expected to remain in the negative territory.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
