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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.85% against the JPY and closed at 110.21.

In the Asian session, at GMT0300, the pair is trading at 110.04, with the USD trading 0.15% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s business survey index (BSI) of large manufacturing industries rose more-than-anticipated to a level of 9.4 on a quarterly basis in 3Q 2017. In the previous quarter, index registered a level of -2.9.

The pair is expected to find support at 109.46, and a fall through could take it to the next support level of 108.87. The pair is expected to find its first resistance at 110.46, and a rise through could take it to the next resistance level of 110.87.

Moving ahead, traders will keep a close watch on Japan’s final industrial production data for July, due to release tomorrow.

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

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