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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.13% against the JPY and closed at 106.80 on Friday.

In the Asian session, at GMT0400, the pair is trading at 106.62, with the USD trading 0.17% lower against the JPY from Friday’s close.

The Japanese Yen gained ground against the USD, as political concerns surrounding Japan’s Finance Ministry increased demand for the safe-haven currency.

Data released overnight showed that Japan’s business survey index (BSI) of large manufacturing industries climbed 2.9% on a quarterly basis in the first three months of 2018. In the prior quarter, BSI of large manufacturing industries had recorded an increase of 9.7%.

The pair is expected to find support at 106.42, and a fall through could take it to the next support level of 106.21. The pair is expected to find its first resistance at 106.94, and a rise through could take it to the next resistance level of 107.25.

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

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