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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 4.78% against the JPY and closed at 104.89.

In the Asian session, at GMT0400, the pair is trading at 104.99, with the USD trading 0.10% higher against the JPY from yesterday’s close.

Earlier in the session, Japan’s tertiary industry index climbed 0.8% on a monthly basis in January, undershooting market expectations for a rise of 1.2% and compared to a revised drop of 0.3% in the previous month.

The pair is expected to find support at 103.44, and a fall through could take it to the next support level of 101.89. The pair is expected to find its first resistance at 106.32, and a rise through could take it to the next resistance level of 107.65.

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

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