USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.31% against the JPY and closed at 78.46, after the Institute of Supply Management (ISM) reported that its services Purchasing Managers Index (PMI) rose to 55.1 in September from a reading of 53.7 in August.
In the Asian session, at GMT0300, the pair is trading at 78.70, with the USD trading 0.31% higher from yesterday’s close.
The Yen remain under pressure amid uncertainty that whether the Bank of Japan would ease monetary policy further in its two-day policy meeting that begins today.
The pair is expected to find support at 78.33, and a fall through could take it to the next support level of 77.96. The pair is expected to find its first resistance at 78.90, and a rise through could take it to the next resistance level of 79.09.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
