USD/JPY: Japan’s consumer confidence surprisingly fell in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 111.48.

Data revealed that Japan’s consumer confidence index unexpectedly declined to a level of 40.5 in March, defying market consensus for a steady reading. The index had registered a reading of 41.5 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 111.33, with the USD trading 0.13% lower against the JPY from yesterday’s close.

The pair is expected to find support at 111.21, and a fall through could take it to the next support level of 111.10. The pair is expected to find its first resistance at 111.51, and a rise through could take it to the next resistance level of 111.70.

Moving ahead, investors would closely monitor Japan’s machinery orders for February, slated to release overnight.

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

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