USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.24% against the JPY, on Friday, and closed at 75.76.
In the Asian session, at GMT0400, the pair is trading at 79.20, with the USD trading 4.54% higher from Friday’s close, following the Japanese government intervention in the foreign-exchange market today.
The US dollar hit a fresh record low against the yen earlier today, as Japanese Finance Minister, Jun Azumi said that Japan would take decisive steps to stem the currency’s rise if required, but didn’t provide specific details. He later confirmed that the Bank of Japan intervened in the currency markets but didn’t comment on the size of the action.
The pair is expected to find support at 76.68, and a fall through could take it to the next support level of 74.16. The pair is expected to find its first resistance at 80.61, and a rise through could take it to the next resistance level of 82.02.
Investors are eying Bank of Japan monetary policy meeting minutes along with other economic releases in Japan to be released later today.
The currency pair is trading well above its 20 Hr and 50 Hr moving averages.
