USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.21% against the JPY and closed at 119.88, reversing its previous session gains.
Yesterday, data showed that the preliminary estimate of Japan’s leading economic index rose to a level of 105.5 in March, in line with market forecasts and compared to prior month’s level of 104.8. On the other hand, the coincident index fell more than expected to a reading of 109.5 in March, following a level of 110.7 registered in February.
In the Asian session, at GMT0300, the pair is trading at 119.82, with the USD trading a tad lower from yesterday’s close.
Overnight data indicated that adjusted (total) current account surplus in Japan expanded more than expected to ¥2066.3 billion in March, compared to a surplus of ¥606.10 billion recorded in the prior month, while markets expected it to advance to a level of ¥1358.0 billion.
The pair is expected to find support at 119.59, and a fall through could take it to the next support level of 119.35. The pair is expected to find its first resistance at 120.17, and a rise through could take it to the next resistance level of 120.52.
Trading trends in the Yen today are expected to be determined by Japan’s Eco Watcher’s Survey data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
