USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.43% against the JPY and closed at 76.70.
In economic news in the US, mortgage application volume, on a seasonally adjusted basis, rose 21.7% for the week ended 5 August 2011, from one week earlier. Also, the refinancing demand for the week surged 30.4% from the week before.
In Japan, this morning, the core machine orders, on a seasonally adjusted monthly basis, rose 7.7% in June, compared to a 3.0% rise in May.
In the Asian session at 3:00GMT, the pair is trading marginally lower from yesterday’s close at 23:00 GMT, at 76.65.
The first short term resistance is at 77.10, followed by 77.56. The pair is expected to find support at 76.25 and the subsequent support level at 75.86.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
