USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.05% against the JPY and closed at 78.25.
In Japan, on a seasonally adjusted basis, consumer confidence index rose to 40.5 in August, from 39.7 in July. The Eco Watchers outlook index fell to 43.6 points in August, from 44.9 points in July. Additionally, the Eco Watchers current index declined to 43.6 points in August, from 44.2 in July.
In the Asian session, at GMT0300, the pair is trading at 78.19, with the USD trading 0.08% lower from yesterday’s close.
Data released this morning showed that the Business Survey Index (BSI) large manufacturing in Japan rose to 2.5 points in the Q3 FY2012. Additionally, the BSI large all industry rose to 2.2 points in the Q3 FY2012, from -3.1 points in the previous quarter.
The pair is expected to find support at 78.14, and a fall through could take it to the next support level of 78.08. The pair is expected to find its first resistance at 78.29, and a rise through could take it to the next resistance level of 78.38.
In the day ahead, investors await tertiary industry index and machine tool orders in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
