USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 109.81.
Macroeconomic data indicated that Japan’s final leading economic index fell less than initially estimated to a level of 104.8 in February, compared to a drop to a level of 104.7 in the preliminary print and following a reading of 104.9 in the prior month. Also, the nation’s final coincident index was revised higher to a level of 115.3 in February, compared to revised level of 113.3 in the flash estimate. In the previous month, the index had recorded a level of 115.1.
In the Asian session, at GMT0300, the pair is trading at 110.07, with the USD trading 0.24% higher against the JPY from yesterday’s close.
The pair is expected to find support at 109.65, and a fall through could take it to the next support level of 109.22. The pair is expected to find its first resistance at 110.42, and a rise through could take it to the next resistance level of 110.76.
Looking ahead, Japan’s small business confidence index for April and all industry activity index for February, both set to release tomorrow, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
