Japanese Yen Reverses Its Gains In The Asian Session

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD weakened 0.27% against the JPY and closed at 108.63.

In the Asian session, at GMT0300, the pair is trading at 108.97, with the USD trading 0.31% higher from Friday’s close.

Overnight data showed that, Japan’s domestic corporate goods price index unexpectedly declined by 0.3% MoM in April, compared to market expectations for an advance of 0.2% and following a 0.1% drop in the previous month.

The pair is expected to find support at 108.44, and a fall through could take it to the next support level of 107.91. The pair is expected to find its first resistance at 109.49, and a rise through could take it to the next resistance level of 110.01.

Moving ahead, market participants will look forward to Japan’s preliminary machine tool orders data for April, scheduled to release in a few hours.

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

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