USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the JPY and closed at 110.66.
In the Asian session, at GMT0400, the pair is trading at 110.73, with the USD trading 0.06% higher against the JPY from yesterday’s close.
Overnight data showed that in Japan, jobless rate fell to 2.3% in February, hitting its lowest level in 9 months and compared to a rate of 2.5% in the previous month. Additionally, preliminary industrial production advanced 1.4% on a monthly basis in February, meeting market expectations and compared to a drop of 3.4% in the prior month. Meanwhile, retail trade rose 0.2% on a monthly basis in February, less-than-anticipated and compared to a revised drop of 1.8% in the previous month.
The pair is expected to find support at 110.19, and a fall through could take it to the next support level of 109.65. The pair is expected to find its first resistance at 111.10, and a rise through could take it to the next resistance level of 111.47.
Going ahead, traders would await Japan’s housing starts for February, slated to release in a while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
