USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 1.26% against the JPY, on Friday, and closed at 76.81, amid concerns that the US credit-ratings may be downgraded.
In the economic news on Friday, the annualized housing starts in Japan rose to 817,000 in June, from 815,000 in May. The housing starts rose 5.8% (Y-o-Y) in June compared to a 6.4% rise in May.
On Sunday, the US President, Barack Obama announced that congressional leaders had reached an agreement to avert a debt default.
In the Asian session at 3:00GMT, the pair is trading higher from Friday’s close at 23:00 GMT, by 1.03%, at 77.60.
The first short term resistance is at 78.20, followed by 78.81. The pair is expected to find support at 76.84 and the subsequent support level at 76.09.
The pair is expected to trade on the cues from the release of data on monetary base in Japan.
The currency pair is showing convergence with its 50 Hr moving average and is trading just above its 20 Hr moving average.
