USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.51% against the JPY and closed at 112.12.
In the Asian session, at GMT0400, the pair is trading at 111.86, with the USD trading 0.23% lower from yesterday’s close.
Early this morning, data showed that Japan’s preliminary Nikkei manufacturing PMI surprisingly declined to a level of 49.1 in March, contracting for the first time since April 2015, compared to a reading of 50.1 in the previous month. Markets were anticipating it to advance to a reading of 50.5. On the other hand, the nation’s all industry activity index rose above expectations by 2.0% MoM in January, compared to investor expectations for an advance of 1.9% and following a drop of 0.9% in the previous month.
The pair is expected to find support at 111.37, and a fall through could take it to the next support level of 110.88. The pair is expected to find its first resistance at 112.29, and a rise through could take it to the next resistance level of 112.71.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
