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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 112.10.

In the Asian session, at GMT0300, the pair is trading at 112.27, with the USD trading 0.15% higher against the JPY from yesterday’s close.

The pair is expected to find support at 111.89, and a fall through could take it to the next support level of 111.51. The pair is expected to find its first resistance at 112.59, and a rise through could take it to the next resistance level of 112.91.

Looking forward, traders would keep an eye on Japan’s consumer price index, industrial production and trade balance data, set to release next week.

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

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