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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.39% against the JPY and closed at 113.26.

In the Asian session, at GMT0300, the pair is trading at 113.18, with the USD trading 0.07% lower against the JPY from yesterday’s close.

Early this morning, data showed that Japan’s labour cash earnings surprisingly dropped 0.4% on an annual basis in March, after registering a 0.4% gain in the previous month.

The pair is expected to find support at 112.57, and a fall through could take it to the next support level of 111.95. The pair is expected to find its first resistance at 113.59, and a rise through could take it to the next resistance level of 113.99.

Moving ahead, investors await the Bank of Japan’s (BoJ) summary of opinions report, slated to release overnight.

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

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