USD/JPY: Japan’s housing starts soared beyond expectations in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 111.61 on Friday.

In economic news, Japan’s housing starts surged 10.0% on an annual basis in March, surpassing market consensus for a rise of 5.2%. In the prior month, housing starts had registered an advance of 4.2%.

In the Asian session, at GMT0300, the pair is trading at 111.6, with the USD trading marginally lower against the JPY from Friday’s close.

The pair is expected to find support at 111.34, and a fall through could take it to the next support level of 111.09. The pair is expected to find its first resistance at 111.94, and a rise through could take it to the next resistance level of 112.29.

In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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