USDJPY trades higher after weaker than expected consumer confidence in Japan. The Confidence Index dropped to 30.9 in March from the previous 38.4, as the economic outlook in Japan deteriorates amid the coronavirus outbreak. The Japanese government will announce a state of emergency and also prepares a relief package.   

The technical picture for USDJPY is positive, while today, the pair hovers around the 100-day moving average. On the upside, the first resistance stands at 109.37. The next resistance will be met at 111.24, the high from March 23. 

On the flip side, the first support for the pair stands at 108.34, the daily high. More bids would emerge at 107.79, the low from Friday’s trading session. The next support area stands at 107.008.