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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.19% against the JPY and closed at 110.27 on Friday.

In the Asian session, at GMT0300, the pair is trading at 109.8, with the USD trading 0.43% lower against the JPY from Friday’s close.

Overnight data showed that Japan’s monetary base rose 16.3% on an annual basis in August, higher than market expectations for an advance of 15.6%. The monetary base had recorded a revised gain of 15.7% in the prior month.

The pair is expected to find support at 109.42, and a fall through could take it to the next support level of 109.03. The pair is expected to find its first resistance at 110.33, and a rise through could take it to the next resistance level of 110.85.

Looking ahead, investors will closely monitor Japan’s Nikkei services PMI for August, due to release overnight.

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

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