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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 3.87% against the JPY and closed at 112.08.

In the Asian session, at GMT0400, the pair is trading at 112.04, with the USD trading marginally lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s national consumer price index (CPI) advanced 0.7% on a yearly basis January, meeting market expectations. The CPI had climbed 0.8% in the prior month. Meanwhile, the Jibun Bank flash manufacturing PMI unexpectedly declined to a level of 47.6 in February, compared to a level of 48.8 in the previous month. Moreover, the Jibun Bank preliminary services PMI dropped to a level of 46.7 in February, compared to 51.0 in the prior month.

The pair is expected to find support at 111.50, and a fall through could take it to the next support level of 110.97. The pair is expected to find its first resistance at 112.40, and a rise through could take it to the next resistance level of 112.77.

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

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