USD/JPY: Japanese Yen trading higher in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.22% against the JPY and closed at 109.57.

On the macro front, Japan’s final machine tool orders dropped 18.3% on a yearly basis in December, in line with the initial estimates.

In the Asian session, at GMT0400, the pair is trading at 109.52, with the USD trading 0.05% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s Nikkei manufacturing PMI dropped to a reading of 50.0 in January, compared to a reading of 52.6 in the previous month.

Earlier in the session, Japan’s leading economic index eased to a level of 99.1 in November, following a revised reading of 99.7 in the previous month. Moreover, the coincident index fell to a level of 102.9 in November, compared to a revised reading of 104.6 in the prior month.

The pair is expected to find support at 109.28, and a fall through could take it to the next support level of 109.04. The pair is expected to find its first resistance at 109.88, and a rise through could take it to the next resistance level of 110.24.

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

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