USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.83% against the JPY and closed at 111.06.
In the Asian session, at GMT0400, the pair is trading at 110.18, with the USD trading 0.79% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s Jibun Bank manufacturing PMI dropped to a level of 44.8 in March, more than market expectations for a decline to a level of 47.6 and compared to a reading of 47.8 in the earlier month. Additionally, the nation’s leading economic index fell to 90.5 in January, compared to a level of 90.9 in the previous month. The preliminary figures had indicated a drop to 90.3.
The pair is expected to find support at 109.37, and a fall through could take it to the next support level of 108.56. The pair is expected to find its first resistance at 111.29, and a rise through could take it to the next resistance level of 112.40.
Looking forward, traders would keep an eye on the Bank of Japan’s meeting minutes slated to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
