USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD strengthened 0.40% against the JPY and closed at 78.56.
In the US, nonfarm payrolls rose to 163,000 in July, far more than market expectations for a gain of 100,000, and well above June’s revised figure of 64,000.
Separately, Institute for Supply Management (ISM) reported that its non-manufacturing index rose to 52.6 in July, compared to a reading of 52.1 in June.
In the Asian session, at GMT0300, the pair is trading at 78.46, with the USD trading 0.13% lower from Friday’s close.
The pair is expected to find support at 78.14, and a fall through could take it to the next support level of 77.81. The pair is expected to find its first resistance at 78.78, and a rise through could take it to the next resistance level of 79.09.
Trading trends in the pair today are expected to be determined by the release of leading economic index and coincident index in Japan.
The currency pair is trading well below its 20 Hr moving average and just below its 50 Hr moving average.
