USD/JPY: Japanese Yen reverses its gains in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.36% against the JPY and closed at 108.49 on Friday.

In the Asian session, at GMT0400, the pair is trading at 108.71, with the USD trading 0.2% higher against the JPY from Friday’s close.

The pair is expected to find support at 108.07, and a fall through could take it to the next support level of 107.43. The pair is expected to find its first resistance at 109.33, and a rise through could take it to the next resistance level of 109.95.

Going ahead, traders would focus on Japan’s flash machine tool orders data for January, due to release tomorrow.

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

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