USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.16% against the JPY and closed at 118.86.
In economic news, supermarket sales in Japan fell 1.70% on an annual basis in January, compared to a drop of 1.80% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 119.06, with the USD trading 0.17% higher from yesterday’s close.
Overnight data indicated that the corporate service price index in Japan recorded a rise of 3.40% on a YoY basis in January, compared to a revised advance of 3.50% in the previous month. Markets were anticipating it to rise 3.60%. Other data revealed that Japan’s small business confidence index edged up to 46.5 in February, from previous month’s level of 46.3. Meanwhile, analysts were expecting the index to rise to a reading of 47.0.
The pair is expected to find support at 118.74, and a fall through could take it to the next support level of 118.42. The pair is expected to find its first resistance at 119.38, and a rise through could take it to the next resistance level of 119.69.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
