USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.28% against the JPY and closed at 112.17.
In economic news, Japan’s final leading economic index climbed to a level of 97.1 in February, compared to a reading of 96.5 in the prior month. The preliminary figures had recorded an advance to 97.4. Moreover, the nation’s final coincident index advanced to a level of 100.4 in February, following a level of 98.1 in the previous month. The preliminary figures had recorded an advance to 98.8.
In the Asian session, at GMT0300, the pair is trading at 111.96, with the USD trading 0.19% lower against the JPY from yesterday’s close.
The Bank of Japan (BoJ), at its April monetary policy meeting, opted to leave the interest rate steady at -0.1%, as widely expected and indicated that its interest rates are likely to remain at a very low-level till around the spring of 2020. Moreover, the central bank pledged the yield target for 10-year Japanese government bonds around 0% and kept its short-term interest rate target at -0.1%.
The pair is expected to find support at 111.63, and a fall through could take it to the next support level of 111.29. The pair is expected to find its first resistance at 112.35, and a rise through could take it to the next resistance level of 112.73.
Going ahead, traders would keep an eye on Japan’s jobless rate, industrial production, retail trade and large retailers’ sales, all for March, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
