USDJPY Movement
For the 24 hours to 23:00 GMT, USD traded flat against the JPY and closed at 77.92, as US lawmakers continue to haggle over how to raise the nation’s debt ceiling, leaving the US in danger of defaulting.
In the morning economic news, the retail sales in Japan, on a seasonally adjusted monthly basis, rose by 2.9% in June, following a 2.4% rise in the previous month.
In the Asian session at 3:00GMT, the pair is trading marginally lower from yesterday’s close at 23:00 GMT, at 77.91.
The first short term resistance is at 78.22, followed by 78.53. The pair is expected to find support at 77.56 and the subsequent support level at 77.21.
With a series of Japan economic releases today, including industrial production and national consumer price index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
