USD/JPY: Japanese Yen trading lower ahead of Japan’s GDP data


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.77% against the JPY and closed at 109.81.

In the Asian session, at GMT0400, the pair is trading at 109.83, with the USD trading slightly higher against the JPY from yesterday’s close.

Earlier in the session, Japan’s tertiary industry index fell 0.2% on a monthly basis in December, less than market expectations for a fall of 1.6% and compared to a rise of 1.3% in the previous month.

The pair is expected to find support at 109.65, and a fall through could take it to the next support level of 109.48. The pair is expected to find its first resistance at 109.97, and a rise through could take it to the next resistance level of 110.12.

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

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