USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.36% against the JPY and closed at 78.41, after the Federal Reserve refrained from monetary easing.
In the US, payroll processor ADP stated that the private sector employment increased by a seasonally adjusted 163,000 in July, beating expectations for an increase of 120,000.
In the Asian session, at GMT0300, the pair is trading at 78.47, with the USD trading 0.08% higher from yesterday’s close.
This morning, monetary base in Japan rose 8.6% (YoY) in July, following a 5.9% expansion in June.
The pair is expected to find support at 78.12, and a fall through could take it to the next support level of 77.77. The pair is expected to find its first resistance at 78.68, and a rise through could take it to the next resistance level of 78.89.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
