USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.25% against the JPY and closed at 92.13. The Japanese Yen found support, after small business confidence index in Japan advanced to a reading of 46.0 in February, from a reading of 44.3 in January.
In the Asian session, at GMT0400, the pair is trading at 91.92, with the USD trading 0.23% lower from yesterday’s close.
This morning, Japanese retail sales dropped 1.1% (YoY) in January, compared to a revised 0.3% rise reported in the previous month. Meanwhile, sales from large retailers contracted 3.5% to ¥1.688 trillion in January, following a revised 0.1% increase in the previous month
The pair is expected to find support at 91.22, and a fall through could take it to the next support level of 90.52. The pair is expected to find its first resistance at 92.52, and a rise through could take it to the next resistance level of 93.12.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
