USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.61% against the JPY and closed at 109.75.
On the data front, Japan’s flash leading economic index declined more-than-expected to a level of 105.0 in March, compared market expectations for a fall to a level of 105.1. In the previous month, the index had recorded a level of 106.0. Furthermore, the nation’s preliminary coincident index climbed to a level of 116.4 in March, meeting market expectations. In the prior month, the index had registered a reading of 116.1.
In the Asian session, at GMT0300, the pair is trading at 109.72, with the USD trading slightly lower against the USD from yesterday’s close.
Overnight data revealed that Japan’s trade surplus (BOP basis) widened more-than-anticipated to ¥1190.7 billion in March, following a surplus of ¥188.7 billion in the previous month, while markets were anticipating the country’s trade surplus to widen to ¥1023.1 billion.
Separately, the Bank of Japan’s (BoJ) summary of opinions report showed that officials stressed the need to maintain powerful monetary easing and strengthen its commitment to reach the 2.0% inflation goal.
The pair is expected to find support at 109.47, and a fall through could take it to the next support level of 109.21. The pair is expected to find its first resistance at 109.95, and a rise through could take it to the next resistance level of 110.17.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
