USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.47% against the JPY and closed at 78.16.
In the Asian session, at GMT0300, the pair is trading at 78.22, with the USD trading 0.08% higher from yesterday’s close.
In Japan, the Nomura/ JMMA Purchasing Manager Index (PMI) manufacturing fell to 47.9 in July, compared to 49.9 in June. Additionally, on a seasonally adjusted basis, unemployment rate slipped to 4.3% in June, beating expectations that the rate would remain at the 4.4% level as recorded in May. Separately, average household spending rose 1.6% (YoY) in June, marking a fifth straight annual rise.
The pair is expected to find support at 78.08, and a fall through could take it to the next support level of 77.94. The pair is expected to find its first resistance at 78.39, and a rise through could take it to the next resistance level of 78.56.
Investors await construction orders and housing starts data in Japan, later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
