USD/JPY: Japanese Yen trading higher this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.48% against the JPY and closed at 113.76.

In economic news, data revealed that Japan’s Eco-Watchers survey for the current situation index rose to a level of 48.1 in April, higher than market expectations for an advance to a level of 47.8. The index had registered a reading of 47.4 in the prior month. Further, the nation’s Eco-Watchers survey for the future outlook index climbed more-than-estimated to a level of 48.8 in April, compared to market expectations of a rise to a level of 48.2. In the previous month, the index had recorded a reading of 48.1.

In the Asian session, at GMT0300, the pair is trading at 113.65, with the USD trading 0.1% lower against the JPY from yesterday’s close.

The pair is expected to find support at 113.30, and a fall through could take it to the next support level of 112.96. The pair is expected to find its first resistance at 114.13, and a rise through could take it to the next resistance level of 114.62.

Next week, market participants focus on Japan’s GDP 1Q data, industrial production and tertiary industry index data, will be eyed by investors.

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

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