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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the JPY and closed at 114.44.

In the Asian session, at GMT0400, the pair is trading at 114.45, with the USD trading a tad higher from yesterday’s close.

The pair is expected to find support at 113.77, and a fall through could take it to the next support level of 113.1. The pair is expected to find its first resistance at 114.93, and a rise through could take it to the next resistance level of 115.42.

With no major economic releases in Japan today, trading trend in the JPY is expected to be determined by global macroeconomic news.

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

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