USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.39% against the JPY and closed at 111.26.
In the Asian session, at GMT0300, the pair is trading at 110.85, with the USD trading 0.37% lower from yesterday’s close.
Early this morning, data showed that Japan’s Nikkei services PMI declined to a nine-month low level of 50.0 in March, from a reading of 51.2 in the previous month. On the other hand, the nation’s labour cash earnings rose more-than-expected by 0.9% YoY in February, compared to market expectations for an advance of 0.2% and after recording a flat reading in the prior month.
The pair is expected to find support at 110.50, and a fall through could take it to the next support level of 110.15. The pair is expected to find its first resistance at 111.47, and a rise through could take it to the next resistance level of 112.10.
Going ahead, market participants will look forward to the release of Japan’s preliminary leading and coincident indices data for February, schedule to release tomorrow morning.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
