USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the JPY and closed at 109.35.
In the Asian session, at GMT0300, the pair is trading at 109.17, with the USD trading 0.16% lower against the JPY from yesterday’s close.
Data released overnight showed that Japan’s unemployment rate remained steady at 2.5% in March, meeting market expectations.
In other economic news, the nation’s preliminary industrial production climbed 1.2% on a monthly basis in March, exceeding market expectations for an advance of 0.5%. Industrial production had registered a flat reading in the prior month. Further, the nation’s retail trade unexpectedly eased 0.7% on a monthly basis in March, confounding market expectations for a flat reading. Retail trade had climbed 0.4% in the prior month.
The pair is expected to find support at 109.02, and a fall through could take it to the next support level of 108.87. The pair is expected to find its first resistance at 109.37, and a rise through could take it to the next resistance level of 109.57.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
