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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 2.20% against the JPY and closed at 107.73 on Friday.

In the Asian session, at GMT0400, the pair is trading at 108.18, with the USD trading 0.42% higher against the JPY from Friday’s close.

Overnight data revealed that Japan’s Jibun Bank manufacturing PMI rose to 47.8 in February, more than market expectations and compared to a level of 47.6 in the prior month.

The pair is expected to find support at 107.27, and a fall through could take it to the next support level of 106.37. The pair is expected to find its first resistance at 109.19, and a rise through could take it to the next resistance level of 110.21.

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

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