USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.49% against the JPY and closed at 109.72.
In economic news, Japan’s preliminary leading index dropped in line with market expectations to a level of 99.8 in February. The index had registered a level of 101.8 in the prior month. Additionally, the nation’s flash coincident index declined to a level of 110.3 in February, its lowest since August 2013, after registering a reading of 113.5 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 109.27, with the USD trading 0.41% lower from yesterday’s close.
The pair is expected to find support at 108.75, and a fall through could take it to the next support level of 108.22. The pair is expected to find its first resistance at 110.21, and a rise through could take it to the next resistance level of 111.15.
Moving ahead, investors will look forward to Japan’s BOP basis trade balance data for February, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
