USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.90% against the JPY and closed at 78.58, after minutes of the Federal Open Market Committee’s latest meeting showed that many US policy makers favor additional growth measures.
In economic news, annual supermarket sales in Japan declined 4.9% in July, compared to a 3.9% drop in June.
In the Asian session, at GMT0300, the pair is trading at 78.48, with the USD trading 0.13% lower from yesterday’s close. The Federal Reserve Bank of Chicago President, Charles Evans speaks later today in Beijing and is expected to provide more hints on the central bank’s stance on further stimulus measures.
The pair is expected to find support at 78.05, and a fall through could take it to the next support level of 77.61. The pair is expected to find its first resistance at 79.15, and a rise through could take it to the next resistance level of 79.81.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
