USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.74% against the JPY and closed at 82.77, after minutes from the latest US Federal Reserve’s policy meeting showed monetary officials held off from increasing monetary easing.
In the US economic news, factory orders in the US rose 1.3% (MoM) to stand at $468.4 billion in February, compared to a revised 1.1% decline recorded in January. Additionally, the Institute for Supply Management (ISM) reported that New York’s Current Business Conditions Index rose to a reading of 67.4 in March, marking the highest level in 13 months.
In the Asian session, at GMT0300, the pair is trading at 82.65, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 81.99, and a fall through could take it to the next support level of 81.34. The pair is expected to find its first resistance at 83.15, and a rise through could take it to the next resistance level of 83.65.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
