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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.53% against the JPY and closed at 109.20.

In the Asian session, at GMT0300, the pair is trading at 109.10, with the USD trading 0.09% lower against the USD from yesterday’s close.

The pair is expected to find support at 108.57, and a fall through could take it to the next support level of 108.03. The pair is expected to find its first resistance at 109.52, and a rise through could take it to the next resistance level of 109.93.

Going ahead, market participants will look forward to Japan’s final GDP numbers for 2Q 2017 and trade balance (BOP basis) data for July, slated to release overnight.

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

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