USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.43% against the JPY and closed at 78.79.
The Bank of Japan (BoJ) Deputy Governor, Hirohide Yamaguchi has indicated that the BoJ would take appropriate policy actions in a flexible and decisive manner, while carefully examining future economic and price developments, including the effects of the recent foreign exchange rate fluctuation.
In Japan, yesterday, the leading index came in at 99.6 in May, compared to 96.2 in April. The coincident index rose to 106.3 in May, from 103.6 in the prior month. Additionally, this morning, the merchandise trade balance total rose to ¥70.7 billion in June following to a deficit of ¥855.8 billion in May.
In the Asian session at 3:00GMT, the pair is trading lower from yesterday’s close at 23:00 GMT, by 0.06%, at 78.74.
The first short term resistance is at 79.06, followed by 79.39. The pair is expected to find support at 78.53 and the subsequent support level at 78.33.
The pair is expected to trade on the cues from the release of all industry activity index in Japan.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
