USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.40% against the JPY, on Friday, and closed at 77.07.
In Japan, on Friday, the housing starts rose 14% (Y-o-Y) in August, compared to 21.2% rise in July. Construction orders, on annual basis, rose 9.3% in August, following a 5.7% rise in the previous month.
Additionally, this morning, the Bank of Japan’s quarterly Tankan survey indicated that its large manufacturers’ sentiment index rose to 2.0 in the third quarter of 2011, following -9.0 posted in second quarter of 2011.
In the Asian session at 3:00GMT, the dollar is trading lower against yen from Friday’s close, by 0.13%, at 76.97.
The first short term resistance is at 77.33, followed by 77.68. The pair is expected to find support at 76.56 and the subsequent support level at 76.14.
The pair is expected to trade on the cues from the release of monetary base data in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
