USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.30% against the JPY and closed at 119.65.
In economic news, the final leading economic index in Japan recorded a drop to 104.80 in February, compared to a reading of 105.50 recorded in the prior month. Meanwhile, the nation’s coincident index rose to 110.70 in February, up from prior month’s level of 110.50.
In the Asian session, at GMT0300, the pair is trading at 119.68, with the USD trading slightly higher from yesterday’s close.
Earlier today, data revealed that Japan’s exports advanced 8.5% YoY in March, in line with market expectations and compared to a 2.4% rise recorded in the previous month, thus notching its first trade surplus in almost three years and also indicating that the country’s economic growth may be back on track after a sluggish start to the year.
The pair is expected to find support at 119.38, and a fall through could take it to the next support level of 119.07. The pair is expected to find its first resistance at 119.92, and a rise through could take it to the next resistance level of 120.16.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
