USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.85% against the JPY and closed at 109.25.
In economic news, Japan’s final leading index advanced to a level of 99.3 in March, from a preliminary reading of 98.4. In the prior month, the index had recorded a level of 96.8. On the other hand, the nation’s final coincident index fell to a level of 111.1 in March, compared to the preliminary figure of 111.2 and after registering a reading of 110.7 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 109.38, with the USD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 108.99, and a fall through could take it to the next support level of 108.61. The pair is expected to find its first resistance at 109.85, and a rise through could take it to the next resistance level of 110.33.
With no economic releases in Japan today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
