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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.21% against the JPY and closed at 105.27.

In the Asian session, at GMT0300, the pair is trading at 105.48, with the USD trading 0.21% higher against the JPY from yesterday’s close.

The pair is expected to find support at 105.16, and a fall through could take it to the next support level of 104.84. The pair is expected to find its first resistance at 105.69, and a rise through could take it to the next resistance level of 105.90.

Trading trend in the Japanese Yen today, is expected to be determined by Japan’s machine tool orders for July, scheduled to release in a while.

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

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