For the 24 hours to 23:00 GMT, USD strengthened 0.04% against the JPY and closed at 76.75, following better than anticipated US factory orders data.
New orders for manufactured goods in the US climbed 2.4% (MoM) to $453.2 billion in July, from a revised 0.4% fall registered in June.
In Japan, housing starts advanced 21.2% (YoY) in July, from a 5.8% rise in June. Meanwhile, construction orders rose 5.7% (YoY) in July, compared to a 6.0% rise in June. Also, the Japan Automobile Manufacturers Association indicated that, automobile production fell 8.9% (YoY) to 790,325 units in July, from a 13.9% decline in June.
In the Asian session at 3:00GMT, the dollar is trading higher against yen from yesterday’s close at 23:00 GMT, by 0.31%, at 76.99.
The first short term resistance is at 77.36, followed by 77.72. The pair is expected to find support at 76.51 and the subsequent support level at 76.02.
The pair is expected to trade on the cues from the release of data on monetary base and capital spending in Japan.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
