USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened marginally against the JPY, on Friday, and closed at 78.55.
In Japan, in the Friday’s economic news, the supermarket sales, on annual basis, rose by 0.1% to ¥1.059 trillion in June, following a 1.4% drop recorded in the previous month.
In the Asian session at 3:00GMT, the pair is trading lower from Friday’s close at 23:00 GMT, by 0.22%, at 78.38. The yen is trading higher this morning, as concern grew over stalled negotiations in the United States on avoiding a government default.
The first short term resistance is at 78.67, followed by 78.97. The pair is expected to find support at 78.13 and the subsequent support level at 77.89.
Bank of Japan’s Governor Shirakawa Speech is likely to receive increased market attention along with other Japan data due to be released later today
The currency pair is trading just below its 20 Hr moving average its 50 Hr moving average.
