USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.33% against the JPY and closed at 119.42.
In the Asian session, at GMT0300, the pair is trading at 119.69, with the USD trading 0.23% higher from yesterday’s close.
Earlier today, data indicated that Japan’s final estimate of manufacturing PMI fell to a level of 49.9, registering its first contraction in almost a year in April and compared to previous month’s reading of 50.3,
Overnight data showed that national CPI in Japan surprisingly climbed 2.30% YoY in March, compared to market expectations of an unchanged reading of 2.2% recorded in the previous month. Also, jobless rate in the nation unexpectedly dropped to 3.4% in March, compared to a level of 3.50% recorded in the prior month.
The pair is expected to find support at 118.82, and a fall through could take it to the next support level of 117.95. The pair is expected to find its first resistance at 120.24, and a rise through could take it to the next resistance level of 120.78.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
