USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 106.29.
In the Asian session, at GMT0400, the pair is trading at 106.02, with the USD trading 0.25% lower against the JPY from yesterday’s close.
The Japanese Yen gained ground against the USD, following fresh concerns over global trade war, after the US President, Donald Trump, announced plans to impose sharp import tariffs on China in order to trim the US trade deficit by $100.00 billion.
The pair is expected to find support at 105.66, and a fall through could take it to the next support level of 105.30. The pair is expected to find its first resistance at 106.55, and a rise through could take it to the next resistance level of 107.08.
Moving ahead, Japan’s final industrial production data for January, slated to release overnight, will be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
