USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 82.96% against the JPY and closed at 82.96. The Yen rose amid seasonal buying from Japanese exporters ahead of the end of their financial year. Additionally, weaker-than-expected US durable goods orders also supported the yen’s gains against the greenback.
Separately, Bank of Japan board member, Ryuzo Miyao, has stated that Japan’s economy is performing in line with the central bank’s forecast but there are worries about Europe’s economy, a slowdown in China and crude oil prices.
In the Asian session, at GMT0300, the pair is trading at 82.62, with the USD trading 0.4% lower from yesterday’s close, after more-than-expected rise in the Japanese retail sales.
On the economic front, retail sales in Japan rose 3.5% (YoY) in February, compared to the 1.8% rise in the January, and against the market expectation of 1.3% rise.
The pair is expected to find support at 82.39, and a fall through could take it to the next support level of 82.15. The pair is expected to find its first resistance at 83.02, and a rise through could take it to the next resistance level of 83.42.
Trading trends in the pair today are expected to be determined by the release of Consumer Price Index, manufacturing Purchasing Manager Index, unemployment rate and industrial production data in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
