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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.20% against the JPY and closed at 113.45.

In the Asian session, at GMT0400, the pair is trading at 113.21, with the USD trading 0.21% lower against the JPY from yesterday’s close.

Earlier today, data showed that Japan’s preliminary leading economic index fell to a level of 103.9 in September. The index had registered a level of 104.5 in the previous month. Moreover, the nation’s flash coincident index eased to a level of 114.6 in September, compared to a reading of 116.7 in the previous month.

The pair is expected to find support at 112.85, and a fall through could take it to the next support level of 112.48. The pair is expected to find its first resistance at 113.70, and a rise through could take it to the next resistance level of 114.18.

Looking ahead, investors would await Japan’s machine orders and trade balance data, both for September, set to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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