USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.19% against the JPY and closed at 78.60, as investors awaited the US Fed Chairman, Ben Bernanke’s Friday speech for signs of whether the central bank would opt for more monetary stimulus.
On the data front, the small business confidence in Japan declined to a reading of 44.8 in August, marking its fifth consecutive monthly decline, and compared to a reading of 46.6 recorded in July. Meanwhile, in the US, the S&P/Case-Shiller 20-city composite home price index rose 0.5% (YoY) in June, compared to a 0.7% fall reported in the prior month.
In the Asian session, at GMT0300, the pair is trading at 78.59, with the USD trading steady from yesterday’s close.
The pair is expected to find support at 78.42, and a fall through could take it to the next support level of 78.30. The pair is expected to find its first resistance at 78.75, and a rise through could take it to the next resistance level of 78.96.
Retail trade in Japan is the key economic indicator scheduled for release today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
