USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.83% against the JPY and closed at 111.61.
In the Asian session, at GMT0300, the pair is trading at 111.54, with the USD trading 0.06% lower from Friday’s close.
Overnight data showed that Japan’s monetary base advanced 28.5% YoY in March, following a 29.0% rise in the previous month.
The pair is expected to find support at 111.08, and a fall through could take it to the next support level of 110.62. The pair is expected to find its first resistance at 112.24, and a rise through could take it to the next resistance level of 112.93.
Moving ahead, investors look forward to Japan’s Nikkei services PMI data for March, scheduled to release in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
