USD/JPY: Japan’s Nikkei Japan services PMI declined in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 111.33.

In the Asian session, at GMT0300, the pair is trading at 111.50, with the USD trading 0.15% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s Nikkei services PMI declined to a level of 52.0 in March, compared to a reading of 52.3 in the prior month.

The pair is expected to find support at 111.30, 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 111.62, and a rise through could take it to the next resistance level of 111.73.

Amid lack of economic releases in Japan today, traders would focus on global macroeconomic events for further direction.

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

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