USD/JPY: Japanese manufacturing sector activity slightly advanced in April


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.21% against the JPY and closed at 107.65 on Friday.

In the Asian session, at GMT0300, the pair is trading at 107.82, with the USD trading 0.16% higher against the JPY from Friday’s close.

Data released overnight indicated that Japan’s preliminary Nikkei manufacturing PMI climbed to a level of 53.3 in April, compared to a level of 53.1 in the previous month.

The pair is expected to find support at 107.57, and a fall through could take it to the next support level of 107.32. The pair is expected to find its first resistance at 107.98, and a rise through could take it to the next resistance level of 108.14.

Going ahead, traders would look forward to Japan’s final leading economic and coincident indices for February, set to release tomorrow.

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

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