USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD strengthened 0.31% against the JPY and closed at 78.49.
In the US, the Thomson Reuters/University of Michigan consumer sentiment index edged up to 72.3 in July, from the mid-month reading of 72.0.
In the Asian session, at GMT0300, the pair is trading at 78.37, with the USD trading 0.15% lower from Friday’s close.
Data released this morning showed that industrial output in Japan eased a seasonally adjusted 0.1% (MoM) in June.
The pair is expected to find support at 78.07, and a fall through could take it to the next support level of 77.78. The pair is expected to find its first resistance at 78.67, and a rise through could take it to the next resistance level of 78.98.
Trading trends in the pair today are expected to be determined by the release of Nomura/ JMMA manufacturing Purchasing Manager Index (PMI) data in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
