Japan’s Service Sector Contracted In April

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD strengthened 0.30% against the JPY and closed at 107.26.

In the Asian session, at GMT0300, the pair is trading at 107.08, with the USD trading 0.17% lower from yesterday’s close.

Overnight data showed that Japan’s monetary base rose 26.8% YoY in April, following a 28.5% advance in the previous month.

Early this morning, data showed that Japan’s Nikkei services PMI declined to a two-year low level of 49.3 in April, from a reading of 50.0 in the prior month, signalling that the nation might be losing momentum.

The pair is expected to find support at 106.75, and a fall through could take it to the next support level of 106.42. The pair is expected to find its first resistance at 107.45, and a rise through could take it to the next resistance level of 107.83.

Moving ahead, investors will look forward to Japan’s consumer confidence and trade balance data along with the BoJ’s monetary policy meeting minutes, all scheduled to release next week.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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