USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the JPY and closed at 111.39.
In the Asian session, at GMT0400, the pair is trading at 111.67, with the USD trading 0.25% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s unemployment rate unexpectedly advanced to 2.5% in January, defying market expectations of a steady reading. In the previous month, unemployment rate had registered a reading of 2.4%. Meanwhile, the nation’s Nikkei final manufacturing PMI contracted to a level of 48.9 in February, declining at its fastest pace in 2.5 years, amid glut in factory productions and reducing exports. In the prior month, the PMI had recorded a level of 50.3, while preliminary figures had recorded a drop to 48.5.
Early morning data revealed that Japan’s consumer confidence index fell to a level of 41.5 in February, compared to market expectations for a fall to a level of 41.6. In the prior month, the index had recorded a level of 41.9.
The pair is expected to find support at 110.96, and a fall through could take it to the next support level of 110.26. The pair is expected to find its first resistance at 112.07, and a rise through could take it to the next resistance level of 112.48.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
