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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.08% against the JPY and closed at 109.06 yesterday. In January, the consumer confidence index in Japan remained unchanged at 39.10, compared to market expectations of a rise to 40.80.

In the Asian session, at GMT0400, the pair is trading at 108.86, with the USD trading 0.18% lower against the JPY from yesterday’s close.

The pair is expected to find support at 108.73, and a fall through could take it to the next support level of 108.59. The pair is expected to find its first resistance at 109.13, and a rise through could take it to the next resistance level of 109.39.

Trading trends in the pair today are expected to be determined by the release of the consumer price index for the month of January, retail trade data and industrial production for December.

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

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