USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.35% against the JPY and closed at 106.82.
In the Asian session, at GMT0300, the pair is trading at 106.65, with the USD trading 0.16% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s retail trade grew less-than-expected by 0.4% on a monthly basis in February, compared to market expectations for an advance of 0.6%. Retail trade had registered a drop of 1.8% in the previous month. Further, the nation’s large retailers’ sales rose 0.6% on a monthly basis in February, following a gain of 0.5% in the prior month, while investors had envisaged for an increase of 0.9%.
The pair is expected to find support at 105.72, and a fall through could take it to the next support level of 104.78. The pair is expected to find its first resistance at 107.3, and a rise through could take it to the next resistance level of 107.94.
Looking ahead, Japan’s jobless rate and flash industrial production data, both for February, slated to release overnight, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
