USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.30% against the JPY and closed at 119.65.
In the Asian session, at GMT0300, the pair is trading at 119.66, with the USD trading flat from yesterday’s close.
Overnight data revealed that monetary base in Japan rose 35.20% YoY in March. In the previous month, the nation’s monetary base had risen 36.70%.
The pair is expected to find support at 119.27, and a fall through could take it to the next support level of 118.89. The pair is expected to find its first resistance at 120.19, and a rise through could take it to the next resistance level of 120.72.
Going forward, investors would closely monitor Japan’s services PMI data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
