USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.15% against the JPY and closed at 113.14.
In the Asian session, at GMT0400, the pair is trading at 113.43, with the USD trading 0.26% higher from yesterday’s close.
Overnight data showed that Japan’s BSI of sentiment at large manufacturers stood at -7.9 in 1Q 2016, after recording a reading of 3.8 in the previous quarter.
The pair is expected to find support at 112.54, and a fall through could take it to the next support level of 111.65. The pair is expected to find its first resistance at 114.39, and a rise through could take it to the next resistance level of 115.35.
Going ahead, investors would look forward to the BoJ’s interest rate decision, along with Japan’s industrial production, tertiary industry index and adjusted merchandise trade balance data, all scheduled next week, for further cues.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
