USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.35% against the JPY and closed at 120.11.
In the Asian session, at GMT0400, the pair is trading at 120.00, with the USD trading 0.09% lower from yesterday’s close.
Data just released showed that Japan’s preliminary leading economic index fell to a reading of 105.10 in January, compared to a reading of 105.30 in the previous month, while coincident index edged up to 113.00 in January, following a level of 110.60 in December.
Overnight data revealed that Japan’s foreign reserves edged down to $1,251.1 billion in February, from previous month’s $1,261.1 billion.
The pair is expected to find support at 119.69, and a fall through could take it to the next support level of 119.39. The pair is expected to find its first resistance at 120.37, and a rise through could take it to the next resistance level of 120.74.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
