USD/JPY: Japan’s services sector activity contracts in February


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 2.81% against the JPY and closed at 107.06.

In the Asian session, at GMT0400, the pair is trading at 107.40, with the USD trading 0.32% higher against the JPY from yesterday’s close.

Overnight data indicated that the Jibun Bank services PMI dropped to 47.0 in February, marking its lowest level since April 2014 and compared to a level of 51.00 in the previous month.

The pair is expected to find support at 106.79, and a fall through could take it to the next support level of 106.17. The pair is expected to find its first resistance at 108.08, and a rise through could take it to the next resistance level of 108.75.

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

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