USDJPY Movement
On Friday, the USD strengthened 1.35% against the JPY and closed at 99.55.
In the Japanese economic news, the all industry activity index climbed 0.6% (MoM) in February, compared to a downwardly revised 1.6% drop recorded in January. Leading economic index rose to a reading of 97.6 in February, while coincident index advanced to 92.4 in February.
In the Asian session, at GMT0300, the pair is trading at 99.82, with the USD trading 0.28% higher from Friday’s close. The Yen came pressure this morning after the Japanese Finance Minister, Taro Aso stated that a self-sustaining economic recovery was at least a few years away and it might take longer than two years to reverse the country’s deflation.
The pair is expected to find support at 98.84, and a fall through could take it to the next support level of 97.85. The pair is expected to find its first resistance at 100.35, and a rise through could take it to the next resistance level of 100.88.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
