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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.09% against the JPY and closed at 109.45.

In the Asian session, at GMT0400, the pair is trading at 109.54, with the USD trading 0.08% higher against the JPY from yesterday’s close.

Overnight data indicated that Japan’s monetary base climbed 9.7% on an annual basis in January, after recording a gain of 11.2% in the prior month.

The pair is expected to find support at 109.26, and a fall through could take it to the next support level of 108.99. The pair is expected to find its first resistance at 109.78, and a rise through could take it to the next resistance level of 110.03.

Going ahead, market participants would focus on Japan’s Markit services PMI, (BOP basis) trade balance and the Eco-Watchers survey data, all set to release next week.

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

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