USD/JPY: Japanese Yen extends its losses in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.14% against the JPY and closed at 110.82 on Friday.

In the Asian session, at GMT0300, the pair is trading at 111.11, with the USD trading 0.26% higher against the JPY from Friday’s close.

Overnight data showed that in Japan, the final Nikkei manufacturing PMI advanced to a level of 49.2 in March, following a level of 48.9 in the previous month. The preliminary figures had indicated an unchanged reading.

The pair is expected to find support at 110.71, and a fall through could take it to the next support level of 110.32. The pair is expected to find its first resistance at 111.34, and a rise through could take it to the next resistance level of 111.58.

Amid no major economic releases in Japan today, investor sentiment would be determined by global macroeconomic news for further direction.

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

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