USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the JPY and closed at 110.81.
In the Asian session, at GMT0400, the pair is trading at 110.80, with the USD trading slightly lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s Nikkei manufacturing PMI declined to a level of 48.5 in February, contracting for the first time since August 2016 and following a reading of 50.3 in the prior month.
The pair is expected to find support at 110.61, and a fall through could take it to the next support level of 110.42. The pair is expected to find its first resistance at 110.97, and a rise through could take it to the next resistance level of 111.14.
Looking ahead, traders would await Japan’s machine tool orders for January, slated to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
