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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 1.69% against the JPY and closed at 108.29.

In the Asian session, at GMT0400, the pair is trading at 107.98, with the USD trading 0.29% lower against the JPY from yesterday’s close.

Earlier in the session, Japan’s consumer confidence index dropped to 38.4 in February, compared to a level of 39.1 in the previous month.

The pair is expected to find support at 107.39, and a fall through could take it to the next support level of 106.81. The pair is expected to find its first resistance at 108.57, and a rise through could take it to the next resistance level of 109.17.

Looking forward, traders would direct their attention to Japan’s Jibun Bank services PMI for February, slated to release overnight.

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

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