USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.54% against the JPY and closed at 106.13.
Overnight data revealed that unemployment rate in Japan unexpectedly dropped to 2.40% in January, compared to a rate of 2.80% recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 106.01, with the USD trading 0.11% lower against the JPY from yesterday’s close.
The pair is expected to find support at 105.57, and a fall through could take it to the next support level of 105.12. The pair is expected to find its first resistance at 106.83, and a rise through could take it to the next resistance level of 107.64.
Going ahead, market participants would focus on the Bank of Japan’s rate decision along with Japan’s GDP data, trade balance and leading index all set to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving average.
