USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the JPY and closed at 111.07 on Friday.
In the Asian session, at GMT0400, the pair is trading at 111.13, with the USD trading 0.05% higher against the JPY from Friday’s close.
The pair is expected to find support at 110.80, and a fall through could take it to the next support level of 110.46. The pair is expected to find its first resistance at 111.46, and a rise through could take it to the next resistance level of 111.78.
Looking forward, traders would closely monitor Japan’s machine tool orders for February, scheduled to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
