USDJPY Movement
For the 24 hours to 23:00 GMT, USD traded flat against the JPY and closed at 76.85, amid speculation that Japanese officials would intervene to curb gains, after Japanese Finance Minister Yoshihiko Noda stated that excessive movements in the yen can hurt the nation’s recovery.
In the US, the Chicago Fed National Activity Index rose to a reading of -0.06 in July, following a reading of -0.38 recorded in June.
In the Asian session at 3:00GMT, the pair is trading lower from yesterday’s close at 23:00 GMT, by 0.14%, at 76.74.
The first short term resistance is at 76.91, followed by 77.09. The pair is expected to find support at 76.59 and the subsequent support level at 76.45.
Trading trends in the pair today are expected to be determined by data release on corporate service price in Japan.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
