USD/JPY: Japanese Yen continues its decline in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.15% against the JPY and closed at 109.14 yesterday.

In the Asian session, at GMT0400, the pair is trading at 109.20, with the USD trading 0.05% higher against the JPY from yesterday’s close, after the Bank of Japan’s (BoJ) summary of opinions at January’s rate review showed that recent talk among major global central banks on how to avoid “Japanification” stirred debate within the BoJ on whether it needs to review its policy framework. Meanwhile, Japanese consumer confidence index remained steady at 39.10 in the month of January.

The pair is expected to find support at 108.88, and a fall through could take it to the next support level of 108.57. The pair is expected to find its first resistance at 109.39, and a rise through could take it to the next resistance level of 109.59.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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