For the 24 hours to 23:00 GMT, USD weakened 0.20% against the JPY and closed at 78.25.
Yesterday, the Bank of Japan (BoJ) board member, Yoshihisa Morimoto, stated that that Japan’s economy is headed for a recovery, however he warned that there is risk that nation’s economic recovery mechanism might not work if the European debt crisis deepens.
In the Asian session, at GMT0300, the pair is trading at 78.17, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 77.98, and a fall through could take it to the next support level of 77.80. The pair is expected to find its first resistance at 78.44, and a rise through could take it to the next resistance level of 78.72.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.