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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.31% against the JPY and closed at 111.05.

In the Asian session, at GMT0400, the pair is trading at 111.21, with the USD trading 0.14% higher against the JPY from yesterday’s close.

Meanwhile, Japanese Government indicated that it detected radio signals which suggests that North Korea may be preparing for another ballistic missile launch.

The pair is expected to find support at 110.88, and a fall through could take it to the next support level of 110.55. The pair is expected to find its first resistance at 111.5, and a rise through could take it to the next resistance level of 111.79.

Going ahead, Japan’s retail trade and large retailers’ sales data, both for October, scheduled to release overnight, will be eyed by market participants.

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

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