USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.14% against the JPY and closed at 108.19.
In economic news, Japan’s Eco Watchers survey for future outlook fell unexpectedly to a level of 46.7 in March, compared to market expectations of a rise to a level of 48.3. In the previous month, the index had recorded a level of 48.2. Moreover, the Eco Watchers survey for the current situation index recorded a level of 45.4 in Japan, compared to market expectations of a rise to 46.4 and after registering a reading of 44.6 in the previous month.
On the other hand, Japan’s consumer confidence index advanced above expectations to a level of 41.7 in March, from a reading of 40.1 in the previous month. Market anticipation was for the consumer confidence index to rise to a level of 40.4.
In the Asian session, at GMT0300, the pair is trading at 107.95, with the USD trading 0.22% lower from Friday’s close.
Over the weekend, data showed that Japan’s machine orders dropped 9.2% MoM in February, less than market expectations for a drop of 12.0%. In the prior month, machinery orders had registered a rise of 15.0%.
The pair is expected to find support at 107.35, and a fall through could take it to the next support level of 106.75. The pair is expected to find its first resistance at 108.83, and a rise through could take it to the next resistance level of 109.71.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.