USD/JPY: Japanese manufacturing activity surged in February


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.09% against the JPY and closed at 112.84.

In the Asian session, at GMT0400, the pair is trading at 113.36, with the USD trading 0.46% higher against the JPY from yesterday’s close.

Early morning data showed that Japan’s final Nikkei manufacturing PMI expanded at the quickest pace in nearly three years, after it advanced to a level of 53.3 in February, offering further evidence that the nation’s domestic as well as overseas demand is improving. The PMI had recorded a level of 52.7 in the prior month, while the preliminary figures had indicated an increase to a level of 53.5.

The pair is expected to find support at 112.2, and a fall through could take it to the next support level of 111.05. The pair is expected to find its first resistance at 113.98, and a rise through could take it to the next resistance level of 114.61.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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