USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.21% against the JPY, on Friday, and closed at 76.67.
In Japan, on Friday, the industrial output rose 3.8% (M-o-M) in June, following a 3.9% growth in the previous month. The capacity utilization declined to 5.2% (M-o-M) in June, from 12.8% in the previous month.
Additionally, this morning, the Gross Domestic Product, on quarterly basis, rose to 0.3% in second quarter of 2011, from a 0.9% in the previous quarter.
In the Asian session at 3:00GMT, the pair is trading higher from Friday’s close at 23:00 GMT, by 0.14%, at 76.78. JPY is trading lower after the Japanese Finance Minister, Yoshihiko Noda warned that he is ready to intervene to stem yen gains that pose a risk to exports.
The first short term resistance is at 77.05, followed by 77.32. The pair is expected to find support at 76.49 and the subsequent support level at 76.20.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
