USD/JPY: Japan’s producer prices dropped in February


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 4.95% against the JPY and closed at 104.70.

In the Asian session, at GMT0400, the pair is trading at 103.40, with the USD trading 1.24% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s producer price index fell 0.4% on a monthly basis in February, more than expectations for a drop of 0.3% and compared to revised rise of 0.1% in the previous month.

The pair is expected to find support at 102.55, and a fall through could take it to the next support level of 101.70. The pair is expected to find its first resistance at 104.79, and a rise through could take it to the next resistance level of 106.18.

Amid lack of macroeconomic releases in Japan today, investor sentiment would be determined by global macroeconomic factors.

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

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