USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.31% against the JPY and closed at 95.07.
Looking at fundamentals, the leading economic index rose to a reading of 95.0 in January, from a revised reading of 92.8 in December. Meanwhile, the coincident economic index retreated to a reading of 91.6 in January, from a revised reading of 91.9 in December. Separately, the Japan Department Stores Association reported that the nationwide department store sales climbed 0.3% in February, following an increase of 0.2% recorded in the previous month. Similarly, the Tokyo department store sales rose 2.5% (YoY) in February, after recording 0.5% increase in the previous month.
In the Asian session, at GMT0400, the pair is trading at 95.04, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 94.63, and a fall through could take it to the next support level of 94.21. The pair is expected to find its first resistance at 95.55, and a rise through could take it to the next resistance level of 96.06.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
