USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.22% against the JPY and closed at 78.29.
Yesterday, the Japanese government, in its monthly report published by the Cabinet Office, vowed to work “decisively” with the Bank of Japan to prevent the adverse impacts of yen appreciation and deflation on the economy.
On the economic front, supermarkets sales in Japan fell 3.9% (YoY) in June, from a 1.7% fall in May.
In the Asian session, at GMT0300, the pair is trading at 78.28, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 77.99, and a fall through could take it to the next support level of 77.71. The pair is expected to find its first resistance at 78.51, and a rise through could take it to the next resistance level of 78.75.
Trading trends in the pair today are expected to be determined by the release of merchandise trade balance data in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
