USD/JPY: Japanese Yen trading a tad lower in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.47% against the JPY and closed at 113.17 on Friday.

In the Asian session, at GMT0400, the pair is trading at 113.19, with the USD trading marginally higher against the JPY from Friday’s close.

On the macro front, in Japan, the Nikkei Japan services PMI advanced to 52.4 in October. In the prior month, the services PMI had registered a reading of 50.2.

The pair is expected to find support at 112.79, and a fall through could take it to the next support level of 112.4. The pair is expected to find its first resistance at 113.45, and a rise through could take it to the next resistance level of 113.72.

In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.

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

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