USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.44% against the JPY and closed at 98.07. In economic news, the seasonally adjusted consumer confidence index in Japan rose to a reading of 44.8 in March, from a reading of 44.2 in February.
In the Asian session, at GMT0300, the pair is trading at 98.27, with the USD trading 0.20% higher from yesterday’s close.
Data released this morning indicated that total merchandise trade deficit in Japan narrowed to ¥362.4 billion in March from a revised deficit of ¥779.5 billion recorded in the previous month. Meanwhile, adjusted merchandise trade deficit narrowed to ¥922.0 billion in March from a downwardly revised deficit of ¥1092.5 billion recorded in February. Merchandise trade exports climbed 1.1% (YoY) in March, while trade imports increased 5.5% in March.
The pair is expected to find support at 97.50, and a fall through could take it to the next support level of 96.74. The pair is expected to find its first resistance at 98.74, and a rise through could take it to the next resistance level of 99.22.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
