USD/JPY: Japanese Yen trading slightly higher in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.46% against the JPY and closed at 109.47.

In the Asian session, at GMT0400, the pair is trading at 109.45, with the USD trading marginally lower against the JPY from yesterday’s close.

Overnight data indicated that Japan’s Jibun Bank services PMI climbed to a level of 51.0 in January, less than market expectations and compared to a level of 49.4 in the previous month.

The pair is expected to find support at 108.87, and a fall through could take it to the next support level of 108.28. The pair is expected to find its first resistance at 109.79, and a rise through could take it to the next resistance level of 110.12.

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

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