USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.07% against the JPY and closed at 111.29.
In the Asian session, at GMT0300, the pair is trading at 111.14, with the USD trading 0.14% lower from yesterday’s close.
Early this morning, data showed that Japan’s all industry activity index fell less-than-expected by 1.2% MoM in February, following a drop of 0.9% in the previous month. Investors had expected the index to fall by 1.3%.
The pair is expected to find support at 110.70, and a fall through could take it to the next support level of 110.27. The pair is expected to find its first resistance at 111.53, and a rise through could take it to the next resistance level of 111.92.
Going ahead, market participants will look forward to Japan’s national consumer price index, unemployment rate and industrial production data, scheduled to be released overnight. Moreover, the BoJ interest rate decision, due in the early hours tomorrow, will also attract a significant amount of investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.