USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 1.23% against the JPY and closed at 112.32.
In the Asian session, at GMT0400, the pair is trading at 112.56, with the USD trading 0.22% higher from yesterday’s close.
Overnight data showed that Japan’s unemployment rate unexpectedly fell to 3.2% in January, while markets expected it to remain steady at 3.3%, thus showing that the nation’s labour market continues to be one of the bright spots for the economy.
Early this morning, data showed that Japan’s final Nikkei manufacturing PMI dropped to a level of 50.1 in February, compared to a preliminary reading of 50.2.
The pair is expected to find support at 111.99, and a fall through could take it to the next support level of 111.42. The pair is expected to find its first resistance at 113.30, and a rise through could take it to the next resistance level of 114.04.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
