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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 108.70.

In the Asian session, at GMT0400, the pair is trading at 108.59, with the USD trading 0.1% lower against the JPY from yesterday’s close.

The pair is expected to find support at 108.42, and a fall through could take it to the next support level of 108.24. The pair is expected to find its first resistance at 108.79, and a rise through could take it to the next resistance level of 108.98.

Looking forward, market participants would keep a close watch on Japan’s flash 4Q GDP data, due to release overnight.

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

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