USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD weakened 0.19% against the JPY and closed at 78.13.
In the Asian session, at GMT0300, the pair is trading at 78.10, with the USD trading marginally lower from Friday’s close.
This morning, the Bank of Japan (BoJ), in its minutes from the board’s meeting on August 8 and 9, revealed that the Japan’s economic activity has started to pick up amid firm domestic demand and improving demand from overseas economies. However, the bank also stated that some members agreed that deflation remains a critical threat and downside risk to the Japanese economy.
The pair is expected to find support at 77.97, and a fall through could take it to the next support level of 77.84. The pair is expected to find its first resistance at 78.27, and a rise through could take it to the next resistance level of 78.44.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
