USD/JPY: Japan’s producer prices rise in January


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 2.02% against the JPY and closed at 110.08.

In the Asian session, at GMT0400, the pair is trading at 109.87, with the USD trading 0.19% lower against the JPY from yesterday’s close.

Overnight data indicated that Japan’s producer price index (PPI) advanced 1.7% on an annual basis in January, more than market forecast and compared to an advance of 0.9% in the previous month.

The pair is expected to find support at 109.74, and a fall through could take it to the next support level of 109.60. The pair is expected to find its first resistance at 110.07, and a rise through could take it to the next resistance level of 110.26.

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

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