USD/JPY: Japanese Yen trading lower in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.52% against the JPY and closed at 111.81 on Friday.

In the Asian session, at GMT0400, the pair is trading at 111.90, with the USD trading 0.08% higher against the JPY from Friday’s close.

Overnight data showed that, Japan’s larger retailer’s sales rebounded 0.4% in September, higher than market anticipations for a rise of 0.1%. In the preceding month, larger retailers’ sales had recorded a fall of 0.1%. Meanwhile, the nation’s retail trade advanced 2.1% on a yearly basis in September, at par with market consensus. Retail trade had registered a rise of 2.7% in the previous month.

The pair is expected to find support at 111.43, and a fall through could take it to the next support level of 110.95. The pair is expected to find its first resistance at 112.33, and a rise through could take it to the next resistance level of 112.75.

Looking ahead, traders would await Japan’s jobless rate for September, slated to release overnight.

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

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