USD/JPY: Japan’s services sector growth at a 3-month high in January


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.56% against the JPY and closed at 110.27 on Friday.

In the Asian session, at GMT0400, the pair is trading at 109.96, with the USD trading 0.28% lower against the JPY from Friday’s close.

The Japanese Yen gained ground against the USD, after overnight data showed that Japan’s Nikkei services PMI climbed to a 3-month high level of 51.9 in January, compared to a reading of 51.1 in the prior month.

The pair is expected to find support at 109.50, and a fall through could take it to the next support level of 109.04. The pair is expected to find its first resistance at 110.45, and a rise through could take it to the next resistance level of 110.94.

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

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