Japanese Yen Trading Higher This Morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD strengthened 2.02% against the JPY and closed at 111.63.

In the Asian session, at GMT0300, the pair is trading at 111.17, with the USD trading 0.41% lower from Friday’s close.

Overnight data showed that, Japan’s corporate service price index advanced in line with market expectations by 0.2% YoY in March, following a similar rise in the previous month.

The pair is expected to find support at 109.72, and a fall through could take it to the next support level of 108.28. The pair is expected to find its first resistance at 112.22, and a rise through could take it to the next resistance level of 113.27.

Going ahead, investors will look forward to the release of Japan’s final leading economic and coincident indices data for February, scheduled in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.

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