USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.50% against the JPY and closed at 102.19.
In the Asian session, at GMT0300, the pair is trading at 102.19, with the USD trading flat from yesterday’s close.
The tertiary industry index in Japan dropped 1.3% (MoM) in March, compared to a revised 1.2% rise recorded in the previous month. Market had expected a drop of 0.6%.
The pair is expected to find support at 101.48, and a fall through could take it to the next support level of 100.77. The pair is expected to find its first resistance at 102.68, and a rise through could take it to the next resistance level of 103.16.
The Japanese GDP data slated for release late today is expected to grab market attention as the growth in the economy is expected to accelerate in first quarter of 2013.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
