USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.30% against the JPY and closed at 111.21, after US new home sales declined in March.
In economic news, Japan’s final leading index plunged to a six-year low level of 96.8 in February, compared to a preliminary reading of 99.8. On the other hand, the nation’s final coincident index rose to a level of 110.7 in February, from its preliminary reading of 110.3.
In the Asian session, at GMT0300, the pair is trading at 110.96, with the USD trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 110.75, and a fall through could take it to the next support level of 110.53. The pair is expected to find its first resistance at 111.27, and a rise through could take it to the next resistance level of 111.57.
With no economic releases in Japan today, investors will look forward to the nation’s all industry activity index for February, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
