USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.59% against the JPY and closed at 106.63.
In the Asian session, at GMT0400, the pair is trading at 106.69, with the USD trading 0.06% higher against the JPY from yesterday’s close.
Overnight data revealed that Japan’s final Nikkei manufacturing PMI dropped to a level of 54.1 in February, less than a preliminary print indicating a fall to a level of 54.0. The PMI had recorded a level of 54.8 in the previous month.
Early morning data showed that the nation’s consumer confidence index surprisingly slid to a level of 44.3 in February, compared to a reading of 44.7 in the previous month, and defying market anticipations for a rise to a level of 44.8.
The pair is expected to find support at 106.40, and a fall through could take it to the next support level of 106.10. The pair is expected to find its first resistance at 107.14, and a rise through could take it to the next resistance level of 107.58.
Moving forward, Japan’s jobless rate for January, set to release overnight, will be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
