USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.61% against the JPY and closed at 112.66.
On the economic front, Japan’s Eco Watchers index for future outlook dropped to a level of 48.2 in February, more than market expectations of a fall to a level of 49.3. The index had registered a reading of 49.5 in the previous month. Additionally, the nation’s Eco Watchers index for current situation unexpectedly declined to a level of 44.6 in February, compared to a reading of 46.6 in the previous month. Markets expected the index to rise to a level of 47.4.
In the Asian session, at GMT0400, the pair is trading at 112.62, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 112.27, and a fall through could take it to the next support level of 111.91. The pair is expected to find its first resistance at 113.12, and a rise through could take it to the next resistance level of 113.62.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
