USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.34% against the JPY and closed at 76.52.
In Japan, this morning, the merchandise trade surplus rose to ¥72.48 billion in July, compared to a downwardly revised trade surplus of ¥68.6 billion recorded in June. Meanwhile, the adjusted trade deficit fell to ¥130.5 billion in July, from a downwardly revised ¥196.5 billion deficit in June. Also, Japanese exports dropped 3.3% (YoY) more than expected in July.
In the Asian session at 3:00GMT, the pair is trading higher from yesterday’s close at 23:00 GMT, by 0.12%, at 76.61.
The first short term resistance is at 76.78, followed by 76.94. The pair is expected to find support at 76.41 and the subsequent support level at 76.20.
The pair is expected to trade on the cues from the release of leading economic index and coincident index in Japan.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
