USDJPY Movement
On Friday, the USD weakened 0.63% against the JPY and closed at 103.24, hurt by the latest batch of downbeat jobs data from the US economy.
In the Asian session, at GMT0300, the pair is trading at 103.29, with the USD trading slightly higher from Friday’s close. Earlier today, Japan’s Ministry of Finance reported that foreign reserves in the nation amounted to $1,279.3 billion in March, compared to $1,288.2 billion registered in the preceding month.
The pair is expected to find support at 102.93, and a fall through could take it to the next support level of 102.56. The pair is expected to find its first resistance at 103.90, and a rise through could take it to the next resistance level of 104.50.
During the later course of the day, traders would keep an eye on Japan’s leading economic index and coincident index data, for further cues in the Japanese yen.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
