USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.91% against the JPY and closed at 77.61, amid speculation that Japanese authorities could also intervene, after the intervention of the Swiss National Bank.
In economic news, Japanese foreign reserves rose to a record high of $1.218 trillion in August, from $1.150 trillion in July.
In the Asian session at 3:00GMT, the dollar is trading lower against yen from yesterday’s close at 23:00 GMT, by 0.28%, at 77.39. Meanwhile, the the Bank of Japan kept policy rate unchanged at 0%-0.1%.
The first short term resistance is at 77.85, followed by 78.32. The pair is expected to find support at 76.80 and the subsequent support level at 76.22.
The currency pair is trading just below its 20 Hr and is trading above its 50 Hr moving average.
