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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.80% against the JPY and closed at 109.84.

In the Asian session, at GMT0400, the pair is trading at 109.58, with the USD trading 0.24% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s merchandise (total) trade deficit widened to ¥152.50 billion in December, more than market consensus and compared to a deficit of ¥82.10 billion in the previous month. Moreover, the leading index dropped to 90.8 in November, compared to a revised reading of 91.6 in the previous month.

The pair is expected to find support at 109.42, and a fall through could take it to the next support level of 109.26. The pair is expected to find its first resistance at 109.90, and a rise through could take it to the next resistance level of 110.22.

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

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