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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.56% against the JPY and closed at 115.08.

In the Asian session, at GMT0400, the pair is trading at 115.18, with the USD trading 0.09% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s BSI large manufacturing industries index climbed less-than-expected to a level of 1.1 on a quarterly basis in 1Q 2017, following a gain of 7.5 in the prior quarter.

The pair is expected to find support at 114.60, and a fall through could take it to the next support level of 114.01. The pair is expected to find its first resistance at 115.51, and a rise through could take it to the next resistance level of 115.83.

Investors would shift their attention to Bank of Japan’s interest rate decision along with Japan’s tertiary industry index and industrial production data, all due next week.

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

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