USDJPY Movement
On Friday, the USD strengthened 0.62% against the JPY and closed at 102.80.
In the Asian session, at GMT0300, the pair is trading at 102.87, with the USD trading 0.07% higher from Friday’s close.
Early morning, data from Japan, showed that the Nomura/ JMMA manufacturing purchasing manager index declined for the second straight month to a reading of 53.9 in March, Meanwhile, Japan’s industrial production dropped 2.3% (MoM) for the first time in three months in February, compared to a 3.8% increase recorded in the previous month.
The pair is expected to find support at 102.30, and a fall through could take it to the next support level of 101.72. The pair is expected to find its first resistance at 103.22, and a rise through could take it to the next resistance level of 103.56.
Later today, Japan’s Ministry of Land, Infrastructure and Transport would publish data on housing starts and construction orders.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
