USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the JPY and closed at 110.6.
In the Asian session, at GMT0300, the pair is trading at 110.64, with the USD trading slightly higher against the JPY from yesterday’s close.
The pair is expected to find support at 110.21, and a fall through could take it to the next support level of 109.79. The pair is expected to find its first resistance at 110.94, and a rise through could take it to the next resistance level of 111.25.
Going ahead, market participants will keep a close watch on Japan’s retail trade and large retailers’ sales data, both for February and the small business confidence index for March, slated to release overnight.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
