USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.61% against the JPY and closed at 78.90, following positive US employment data.
In the US, the number of individuals filing for initial jobless benefits fell to 365,000 for the week ended September 1, against the expectations for a decline to 370,000.
Separately, the Bank of Japan (BoJ) Governor, Masaaki Shirakawa stated that that the central bank is paying greater attention to the negative impact of the yen’s rise on the economy, while urging companies to adjust their strategies to minimize its adverse effects.
In the Asian session, at GMT0300, the pair is trading at 78.90, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 78.51, and a fall through could take it to the next support level of 78.12. The pair is expected to find its first resistance at 79.16, and a rise through could take it to the next resistance level of 79.42.
Investors await leading index and coincident index data in Japan, due to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
