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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.42% against the JPY and closed at 108.35 on Friday.

In the Asian session, at GMT0400, the pair is trading at 108.53, with the USD trading 0.17% higher against the JPY from Friday’s close.

Overnight data revealed that Japan’s Jibun Bank manufacturing PMI fell to a level of 48.80 in January, compared to a level of 48.40 in the previous month. The preliminary figures had indicated an advance to a level of 49.30.

The pair is expected to find support at 108.19, and a fall through could take it to the next support level of 107.84. The pair is expected to find its first resistance at 109.00, and a rise through could take it to the next resistance level of 109.46.

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

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