USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.26% against the JPY and closed at 76.93.
Japan’s ruling Democratic Party of Japan party elected Finance Minister, Yoshihiko Noda as head of the party after the resignation of Prime Minister, Naoto Kan.
In Japan, this morning, the unemployment rate stood at 4.7% in July, compared to 4.6% in the previous month. The household spending declined 2.1% (Y-o-Y) in July, compared to 4.2% decline in the previous month. Additionally, the retail trade declined 0.3% (M-o-M) in July, following a 2.9% in the previous month.
In the Asian session at 3:00GMT, the dollar is trading flat against yen from yesterday’s close at 23:00 GMT, at 76.87.
The first short term resistance is at 77.09, followed by 77.31. The pair is expected to find support at 76.59 and the subsequent support level at 76.31.
The pair is expected to trade on the cues from the release of industrial data in Japan.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
