USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the JPY and closed at 110.87.
In the Asian session, at GMT0300, the pair is trading at 110.64, with the USD trading 0.21% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s monetary base rose 20.3% YoY in March, after recording a rise of 21.4% in the prior month.
The pair is expected to find support at 110.20, and a fall through could take it to the next support level of 109.76. The pair is expected to find its first resistance at 111.33, and a rise through could take it to the next resistance level of 112.02.
Going ahead, traders will focus on Japan’s Nikkei services PMI for March, scheduled to release in the early hours of tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
