USD/JPY: Japan’s service sector growth expanded at strongest pace in 19 months in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 110.82.

In the Asian session, at GMT0300, the pair is trading at 110.70, with the USD trading 0.11% lower against the JPY from yesterday’s close.

The Japanese Yen gained ground, after early morning data indicated that activity in Japan’s services sector jumped to a level of 52.9 in March, accelerating at its fastest pace in 19 months and hinting that the world’s third largest economy continues to strengthen. The PMI had registered a reading of 51.3 in the previous month.

The pair is expected to find support at 110.32, and a fall through could take it to the next support level of 109.95. The pair is expected to find its first resistance at 110.99, and a rise through could take it to the next resistance level of 111.29.

Going ahead, traders would concentrate on Japan’s consumer confidence index for March, scheduled to release tomorrow.

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

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