USD/JPY
For the 24 hours to 23:00 GMT, the USD strengthened 0.06% against the JPY and closed at 102.31, benefited from an upbeat consumer confidence data from the US.
In the Asian session, at GMT0400, the pair is trading at 102.28, with the USD trading marginally lower from yesterday’s close.
The yen pared some of its initial gains after Etsuro Honda, an adviser to Japan’s Prime Minister, Shinzo Abe, highlighted the possibility for the Bank of Japan (BoJ) to decide on further stimulus measures as soon as by the mid of May if it is of the opinion that the economy has fallen off its projected path, especially after the new sales tax rise move next month.
On the economic front, an index monitoring corporate service prices in Japan rose 0.7% (YoY) in February, similar to the pace of rise in the previous month but less than market expectations for a 0.8% rise.
The pair is expected to find support at 102.08, and a fall through could take it to the next support level of 101.89. The pair is expected to find its first resistance at 102.49, and a rise through could take it to the next resistance level of 102.70.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.