USD/JPY: Japan’s consumer confidence increased marginally in April


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.22% against the JPY and closed at 108.82.

On the data front, Japan’s consumer confidence index slightly increased to a level of 43.8 in May, compared to market expectations for a rise to a level of 43.9. The index had registered a level of 43.6 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 108.67, with the USD trading 0.14% lower against the JPY from yesterday’s close.

Overnight data indicated that the nation’s flash industrial production climbed 0.3% MoM in April, undershooting market expectations for a rise of 1.4%. In the previous month, industrial production had climbed 1.4%.

The pair is expected to find support at 108.4, and a fall through could take it to the next support level of 108.14. The pair is expected to find its first resistance at 109, and a rise through could take it to the next resistance level of 109.34.

Looking forward, Japan’s final Nikkei manufacturing PMI for May, set to release overnight, will be on investors’ radar.

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

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