USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.29% against the JPY and closed at 101.54, as the latest batch of soft economic releases from the Euro-zone economy lured investors to take refuge under the safe-haven yen.
In economic news, an index measuring consumer confidence in Japan fell unexpectedly to a reading of 37.0 in April, from its level of 37.5 in March.
In the Asian session, at GMT0300, the pair is trading at 101.46, with the USD trading 0.08% lower from yesterday’s close. Earlier today, data showed that industrial production in Japan rose 0.7% (MoM) in March, more than market estimates for a rise of 0.3% while capacity utilization rose 0.4%.
The pair is expected to find support at 101.14, and a fall through could take it to the next support level of 100.81. The pair is expected to find its first resistance at 101.96, and a rise through could take it to the next resistance level of 102.45.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
