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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.51% against the JPY and closed at 111.49.

In the Asian session, at GMT0300, the pair is trading at 111.16, with the USD trading 0.3% lower against the JPY from yesterday’s close. The Japanese Yen has advanced against the USD as increased risk aversion due to political turmoil in Brazil and the US boosted the demand for the safe haven currency.

The pair is expected to find support at 110.34, and a fall through could take it to the next support level of 109.53. The pair is expected to find its first resistance at 111.84, and a rise through could take it to the next resistance level of 112.53.

Next week, market participants will closely monitor comments from the BoJ Governor, Haruhiko Kuroda, along with the release of Japan’s flash Nikkei manufacturing PMI, all industry activity index and trade balance figures.

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

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