USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 110.79.
On the economic front, Japan’s small business confidence index climbed to a level of 48.9 in May, compared to a level of 48.6 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 110.93, with the USD trading 0.13% higher from yesterday’s close.
Overnight data indicated that the nation’s final Nikkei manufacturing PMI was revised upwards to a level of 53.1 in May, notching its highest level in three months and compared to a fall to a level of 52.0 in the preliminary print and following a level of 52.7 in the previous month.
The pair is expected to find support at 110.54, and a fall through could take it to the next support level of 110.14. The pair is expected to find its first resistance at 111.28, and a rise through could take it to the next resistance level of 111.62.
Moving ahead, market participants will closely monitor Japan’s consumer confidence data for May, set to release tomorrow.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
