USD/JPY: Japanese Yen trading on a weaker footing this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.8% against the JPY and closed at 113.74.

On the macro front, Japan’s monetary base advanced 21.4% YoY in February, after recording a rise of 22.6% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 113.92, with the USD trading 0.16% higher against the JPY from yesterday’s close.

The pair is expected to find support at 113.19, and a fall through could take it to the next support level of 112.47. The pair is expected to find its first resistance at 114.39, and a rise through could take it to the next resistance level of 114.87.

Going ahead, investors await Japan’s jobless rate and national consumer price index, both for January, scheduled to release overnight.

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

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