USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.21% against the JPY and closed at 111.75.
In the Asian session, at GMT0400, the pair is trading at 111.90, with the USD trading 0.13% higher against the JPY from yesterday’s close.
Overnight data revealed that Japan’s Nikkei services PMI advanced to a level of 52.3 in February, following a reading of 51.6 in the previous month.
The pair is expected to find support at 111.69, and a fall through could take it to the next support level of 111.49. The pair is expected to find its first resistance at 112.05, and a rise through could take it to the next resistance level of 112.21.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
