USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.18% against the JPY, on Friday, and closed at 76.51.
In Japan, on Friday, the all industry activity index rose 2.3% (M-o-M) in June following a 1.8% increase in the previous month.
In the Asian session at 3:00GMT, the pair is trading higher from Friday’s close at 23:00 GMT, by 0.35%, at 76.78, after Japanese authorities threatened to intervene to stem further rises in the yen.
Japanese Finance Minister, Yoshihiko Noda, stated that authorities would take decisive action against speculative moves in the currency markets, signalling Tokyo’s readiness to intervene to check yen strength.
The first short term resistance is at 77.35, followed by 77.92. The pair is expected to find support at 76.08 and the subsequent support level at 75.38.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
