USD/JPY: Yen reverses its losses in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.28% against the JPY and closed at 109.28 on Friday, even though the flash manufacturing PMI climbed to a level of 49.30 in January, compared to a reading of 48.40 recorded in the previous month.

In the Asian session, at GMT0400, the pair is trading at 109.02, with the USD trading 0.24% lower against the JPY from Friday’s close.

The pair is expected to find support at 108.62, and a fall through could take it to the next support level of 108.21. The pair is expected to find its first resistance at 109.54, and a rise through could take it to the next resistance level of 110.05.

Trading trends in the pair today are expected to be determined by global macro-economic events.

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

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