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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 112.67.

In the Asian session, at GMT0400, the pair is trading at 112.7, with the USD trading a tad higher against the JPY from yesterday’s close.

The pair is expected to find support at 112.60, and a fall through could take it to the next support level of 112.49. The pair is expected to find its first resistance at 112.80, and a rise through could take it to the next resistance level of 112.89.

In absence of key macroeconomic releases in Japan today, investor sentiment would be governed by global macroeconomic events.

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

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