USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded a tad lower against the JPY and closed at 120.01.
In the Asian session, at GMT0300, the pair is trading at 119.56, with the USD trading 0.38% lower from yesterday’s close.
Earlier today, data showed that Japan’s Markit manufacturing PMI dropped to a level of 50.3 in March, from prior month’s reading of 50.4.
Overnight data indicated that Japan’s Tankan large manufacturing outlook index registered a rise to 10.00 in 1Q 2015, lower than market expectations of a rise to a level of 16.00. In the previous quarter, the index had recorded a level of 9.00.
The pair is expected to find support at 119.21, and a fall through could take it to the next support level of 118.87. The pair is expected to find its first resistance at 120.11, and a rise through could take it to the next resistance level of 120.66.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
