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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.52% against the JPY and closed at 113.88.

In the Asian session, at GMT0300, the pair is trading at 113.91, with the USD trading a tad higher against the JPY from yesterday’s close.

Overnight data indicated that, in Japan, household spending rose 2.8% on an annual basis in August, higher than market expectations for a rise of 0.1%. Household spending had registered a rise of 0.1% in the previous month.

The pair is expected to find support at 113.54, and a fall through could take it to the next support level of 113.17. The pair is expected to find its first resistance at 114.37, and a rise through could take it to the next resistance level of 114.83.

Going ahead, traders would closely monitor Japan’s leading index and coincident index, both for August, scheduled to release in a while.

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

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