USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the JPY and closed at 121.01. In the Asian session, at GMT0400, the pair is trading at 120.67, with the USD trading 0.28% lower from yesterday’s close.
Overnight data showed that the monetary base in Japan advanced 28.9% YoY in January, compared to an increase of 29.5% in the previous week.
The pair is expected to find support at 120.38, and a fall through could take it to the next support level of 120.09. The pair is expected to find its first resistance at 121.19, and a rise through could take it to the next resistance level of 121.71.
Moving ahead, market participants will keep a close watch on Japan’s Nikkei services PMI data, due to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
