USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.41% against the JPY and closed at 78.07.
Yesterday, the Bank of Japan supplied U.S. dollars in market operations, for the first time in more than a year. In a sign of global market strains, the central bank supplied $2 million for a week in one operation, and $100 million for three months in a second operation.
In the Asian session, at GMT0400, the pair is trading at 78.04, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 77.93, and a fall through could take it to the next support level of 77.81. The pair is expected to find its first resistance at 78.17, and a rise through could take it to the next resistance level of 78.29.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
