USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.27% against the JPY and closed at 121.43, rebounding from its previous session losses.
In the Asian session, at GMT0400, the pair is trading at 121.63, with the USD trading 0.16% higher from yesterday’s close.
Data just released showed that Japan’s consumer confidence index edged up to a level of 40.7 in February, following a reading of 39.1 registered in January.
Overnight data indicated that the business survey index (BSI) of large manufacturing industries in Japan rose 2.40% in 1Q 2015. The index had registered a rise of 8.10% in the prior quarter. Meanwhile, Japan’s tertiary industry index advanced 1.40% MoM in January, compared to a revised unchanged reading in the previous month. Market expectations were for the index to climb 0.50%.
The pair is expected to find support at 121.28, and a fall through could take it to the next support level of 120.94. The pair is expected to find its first resistance at 121.83, and a rise through could take it to the next resistance level of 122.03.
Meanwhile, investors look forward to Japan’s industrial production data, scheduled in the early hours tomorrow for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
