USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD strengthened 0.15% against the JPY and closed at 78.64, after the reports showed an unexpected drop in the unemployment rate to 7.8% from 8.1% in the preceding month, against market expectation of a rise to 8.2%.
Earlier on Friday, the Yen strengthened against the greenback during Asian trading hours, after the Bank of Japan announced no changes to monetary policy at the conclusion of its policy setting meeting, disappointing some market expectations for more easing measures.
Meanwhile, Japan’s leading economic index rose to a reading of 93.6 in August, from a revised reading of 93.0 in July. Meanwhile, the coincident index retreated to 93.6 in August, from a revised reading of 93.8 in July.
In the Asian session, at GMT0300, the pair is trading at 78.58, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 78.28, and a fall through could take it to the next support level of 77.98. The pair is expected to find its first resistance at 78.88, and a rise through could take it to the next resistance level of 79.17.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
