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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD is trading flat against the JPY and closed at 109.57.

In the Asian session, at GMT0400, the pair is trading at 109.84, with the USD trading 0.25% higher against the JPY from yesterday’s close.

Overnight data showed that, in Japan, the Tokyo consumer price index rose 0.4% on an annual basis in January, compared to a rise of 0.3% in the prior month.

The pair is expected to find support at 109.55, and a fall through could take it to the next support level of 109.26. The pair is expected to find its first resistance at 110.00, and a rise through could take it to the next resistance level of 110.16.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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