USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.13% against the JPY and closed at 76.75.
In the economic news, this morning, the corporate service price index in Japan declined 0.5% (Y-o-Y) in July, following a 0.8% decline in the previous month.
Moody’s Investors Service lowered the credit rating on Japan to Aa3 from Aa2, citing “weak” prospects for economic growth that would make it difficult for the government to rein in the world’s largest public debt burden.
In the Asian session at 3:00GMT, the pair is trading lower from yesterday’s close at 23:00 GMT, by 0.16%, at 76.63.
The first short term resistance is at 76.86, followed by 77.10. The pair is expected to find support at 76.41 and the subsequent support level at 76.20.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
