USD/JPY: Japanese Yen extends its gains in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.29% against the JPY and closed at 106.19, after the US industrial production unexpectedly declined in January, dragged down by a sharp decline in mining output and a flat manufacturing output reading for January.

In the Asian session, at GMT0400, the pair is trading at 106.10, with the USD trading 0.08% lower against the JPY from yesterday’s close.

The pair is expected to find support at 105.79, and a fall through could take it to the next support level of 105.48. The pair is expected to find its first resistance at 106.63, and a rise through could take it to the next resistance level of 107.16.

Moving ahead, investors would look forward to Japan’s trade balance figures, Nikkei manufacturing PMI and consumer price inflation due to release next week.

The currency pair is trading below its 20 Hr and 50 Hr moving average.

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