USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.27% against the JPY and closed at 76.72.
In Japan, this morning, the industrial production rose 0.6% (M-o-M) in July, following a 3.8% rise in the previous month. The Shoko Chukin Bank reported that its small business confidence index declined to a reading of 46.4 in August, compared to a reading of 47.1 posted in July.
In the Asian session at 3:00GMT, the dollar is trading lower against yen from yesterday’s close at 23:00 GMT, by 0.18%, at 76.58.
The first short term resistance is at 76.83, followed by 77.09. The pair is expected to find support at 76.41 and the subsequent support level at 76.25.
The pair is expected to trade on the cues from the release of housing and construction orders data in Japan.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
