USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.44% against the JPY and closed at 108.92.
In economic news, Japan’s Eco Watchers survey for the current situation index dropped more-than-expected to a level of 43.5 in April, from a reading of 45.4 in the previous month. Market anticipation was for the index to ease to a level of 44.0. Additionally, the nation’s Eco Watchers survey for future outlook eased to a level of 45.5 in April, compared to a level of 46.7 in the previous month. Markets were anticipating the index to ease to a level of 46.2.
In the Asian session, at GMT0300, the pair is trading at 108.77, with the USD trading 0.14% lower from yesterday’s close.
Early this morning, data showed that Japan’s tertiary industry index slid 0.7% in March, more than market expectations for a fall of 0.1%. In the prior month, the tertiary industry index had recorded a fall of 0.1%.
The pair is expected to find support at 108.30, and a fall through could take it to the next support level of 107.82. The pair is expected to find its first resistance at 109.32, and a rise through could take it to the next resistance level of 109.86.
Going ahead, investors will look forward to Japan’s industrial production, all industry activity index and Q1 GDP data, along with the BoJ’s monetary policy meeting minutes, all scheduled to release next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
