USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.82% against the JPY and closed at 109.29.
In the Asian session, at GMT0300, the pair is trading at 108.73, with the USD trading 0.52% lower from yesterday’s close.
Overnight data showed that Japan’s foreign exchange reserves rose to a level of $1262.5 billion in April, from a level of $1262.1 billion in the previous month.
The pair is expected to find support at 108.37, and a fall through could take it to the next support level of 108.02. The pair is expected to find its first resistance at 109.24, and a rise through could take it to the next resistance level of 109.75.
Going ahead, investors will look forward to the release of Japan’s preliminary coincident and leading economic indices data for March, scheduled to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
