USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.24% against the JPY and closed at 103.89, following strong US factory orders data.
In the Asian session, at GMT0300, the pair is trading at 103.94, with the USD trading marginally higher from yesterday’s close.
On the economic front, Markit Economics reported its service PMI for Japan rose to a reading of 52.2 in March, from previous month’s level of 49.3.
The pair is expected to find support at 103.67, and a fall through could take it to the next support level of 103.40. The pair is expected to find its first resistance at 104.12, and a rise through could take it to the next resistance level of 104.30.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
