USD/JPY: Japanese Yen trading on a positive footing this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 3.63% against the JPY and closed at 106.15.

In the Asian session, at GMT0400, the pair is trading at 105.76, with the USD trading 0.37% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s overall household spending declined 3.9% on an annual basis in January, less than market expectations and compared to a drop of 4.8% in the previous month.

Earlier in the session, the nation’s leading index unexpectedly fell to a level of 90.3 in January, defying market expectations for a rise to a level of 91.9 and compared to a revised level of 91.0 in the prior month.

The pair is expected to find support at 105.20, and a fall through could take it to the next support level of 104.64. The pair is expected to find its first resistance at 106.88, and a rise through could take it to the next resistance level of 108.00.

Amid a lack of macroeconomic releases in Japan today, investor sentiment would be determined by global macroeconomic factors.

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

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