USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.87% against the JPY and closed at 109.19.
Data showed that Japan’s consumer confidence index dropped to 30.9 in March, compared to a level of 38.4 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 108.93, with the USD trading 0.24% lower against the JPY from yesterday’s close.
On the macro front, Japan’s overall household spending declined 0.3% on an annual basis in February, less than market consensus and compared to a drop of 3.9% in the previous month.
The pair is expected to find support at 108.64, and a fall through could take it to the next support level of 108.35. The pair is expected to find its first resistance at 109.30, and a rise through could take it to the next resistance level of 109.67.
Looking ahead, traders would keep a watch on Japan’s coincident index and leading economic index, both for February, slated to release in a few hours.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
