USD/JPY: Japan’s consumer confidence hits highest level since September 2013 in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.31% against the JPY and closed at 110.84.

In economic news, Japan’s consumer confidence index jumped to a level of 43.9 in March, surging to its highest level in more than three years. Markets expected the index to advance to a level of 43.4, after recording a revised reading of 43.2 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 110.38, with the USD trading 0.42% lower against the JPY from yesterday’s close.

The pair is expected to find support at 109.95, and a fall through could take it to the next support level of 109.52. The pair is expected to find its first resistance at 110.97, and a rise through could take it to the next resistance level of 111.56.

Next week, Japan’s trade balance, Eco-watchers survey, flash machine tool orders and final industrial production data, will be on investor’s radar.

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

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