USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.08% against the JPY and closed at 110.78.
In the Asian session, at GMT0400, the pair is trading at 110.77, with the USD trading slightly lower against the JPY from yesterday’s close.
On the data front, Japan’s national consumer price index (CPI) advanced 0.2% on an annual basis in February, falling short of market expectations for an advance of 0.3%. In the prior month, the CPI had registered a similar rise. Moreover, the nation’s Nikkei flash manufacturing PMI remained steady at 48.9 in March.
Early morning data showed that Japan’s final leading economic index eased to a level of 96.5 in January, compared to a level of 97.5 in the previous month. The preliminary figures had indicated a drop to a level of 95.9. Furthermore, the nation’s final coincident index dropped to a level of 98.1 in January, compared to a level of 101.8 in the prior month. The preliminary figures had recorded a decline to a level of 97.9.
The pair is expected to find support at 110.39, and a fall through could take it to the next support level of 110.02. The pair is expected to find its first resistance at 111.05, and a rise through could take it to the next resistance level of 111.34.
Moving ahead, investors would keep an eye on Japan’s jobless rate, industrial production, retail trade, large retailers’ sales and housing starts, all set to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
