USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.19% against the JPY and closed at 119.16.
In economic news, industrial production in Japan slid 3.1% on a monthly basis in February, following a 3.4% drop recorded in the preceding month.
Separately, the BoJ Governor, Haruhiko Kuroda indicated that the long-term inflation trend in the nation was improving gradually. Further, he opined that the inflation rate was estimated to reach 2.0% by the middle of the year 2016 amid expectations that global oil prices bottom out and recover moderately over the coming quarters.
In the Asian session, at GMT0300, the pair is trading at 119.15, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 118.7, and a fall through could take it to the next support level of 118.26. The pair is expected to find its first resistance at 119.68, and a rise through could take it to the next resistance level of 120.21.
Meanwhile, investors await the release of Japan’s consumer confidence index data, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
