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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.68% against the JPY and closed at 111.96 on Friday.

In the Asian session, at GMT0400, the pair is trading at 112.17, with the USD trading 0.19% higher against the JPY from Friday’s close.

The pair is expected to find support at 111.74, and a fall through could take it to the next support level of 111.31. The pair is expected to find its first resistance at 112.75, and a rise through could take it to the next resistance level of 113.33.

Moving ahead, market participants await the release of Japan’s industrial production for March along with retail trade and large retailers’ sales, both for January, set to release overnight.

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

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