USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.26% against the JPY and closed at 102.18, as traders cheered a strong US GDP and weekly jobless claims data.
In the Asian session, at GMT0400, the pair is trading at 102.13, with the USD trading slightly lower from yesterday’s close.
Earlier today, an official report showed that Japan’s national consumer price index rose 1.5% (YoY) in February, faster compared to a 1.4% rise in the previous month. Meanwhile, unemployment rate in Japan fell to 3.6% in February, defying analysts’ expectations for the unemployment rate to remain unchanged at previous month’s level of 3.7%. Separately, data also confirmed that retail sales in Japan registered an upbeat annual rise of 3.6% in February, following a 4.4% increase witnessed in the preceding month.
The pair is expected to find support at 101.93, and a fall through could take it to the next support level of 101.73. The pair is expected to find its first resistance at 102.39, and a rise through could take it to the next resistance level of 102.65.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
