USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.67% against the JPY and closed at 109.26.
On the data front, Japan’s final leading economic index declined more than initially estimated to a level of 104.4 in March, compared to a revised level of 105.9 in the previous month. The preliminary figures had recorded a fall to a level of 105.0. On the other hand, the nation’s final coincident index climbed to a level of 116.3 in March, less than a preliminary print indicating a rise to a level of 116.4. The index had recorded a revised reading of 116.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 109.57, with the USD trading 0.28% higher against the JPY from yesterday’s close.
The pair is expected to find support at 109.10, and a fall through could take it to the next support level of 108.62. The pair is expected to find its first resistance at 109.91, and a rise through could take it to the next resistance level of 110.24.
Next week, traders would closely monitor Japan’s jobless rate, retail trade, large retailers’ sales and consumer confidence data.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
