USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.25% against the JPY and closed at 79.67.
In economic news, leading index in Japan rose to a reading of 96.6 in March, from 96.0 in February. Additionally, the coincident index improved to a reading of 96.5 in March, from 95.2 in February.
In the Asian session, at GMT0300, the pair is trading at 79.74, with the USD trading 0.09% higher from yesterday’s close. The Yen came under pressure amid sharp fall in Japan’s trade surplus.
Data released this morning showed that trade balance in Japan stood at a surplus of ¥4.2 billion in March, narrowing sharply from¥102.1 billion in February. Additionally, current account surplus in March stood at ¥1.589 trillion, against the market expectation of ¥1.4209 trillion.
The pair is expected to find support at 79.48, and a fall through could take it to the next support level of 79.22. The pair is expected to find its first resistance at 79.96, and a rise through could take it to the next resistance level of 80.17.
Trading trends in the pair today are expected to be determined by the release of bankruptcies and money stock data in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
