USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 106.73.
On the economic front, Japan’s Eco Watchers Survey for the current situation unexpectedly rose to a level of 48.9 in March, defying market expectations for a fall to a level of 48.0. The index had registered a level of 48.6 in the prior month. Moreover, the nation’s Eco Watchers Survey for the future outlook eased more-than-estimated to a level of 49.6 in March, compared to market expectations for a fall to a level of 51.0. The index had registered a level of 51.4 in the previous month.
Other data indicated that the nation’s consumer confidence index remained unchanged at a level of 44.3 in March, compared to market expectations of an advance to a level of 44.5.
In the Asian session, at GMT0300, the pair is trading at 107.19, with the USD trading 0.43% higher against the JPY from yesterday’s close.
The pair is expected to find support at 106.79, and a fall through could take it to the next support level of 106.40. The pair is expected to find its first resistance at 107.41, and a rise through could take it to the next resistance level of 107.64.
Moving ahead, traders would await Japan’s flash machine tool orders for March, due to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and 50 Hr moving average.
