USD/JPY: Japanese Yen trading higher in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.27% against the JPY and closed at 105.74.

In the Asian session, at GMT0300, the pair is trading at 105.67, with the USD trading 0.07% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s national consumer price index (CPI) rose 0.3% on an annual basis in July, compared to a rise of 0.1% in the previous month. Additionally, the Jibun Bank manufacturing PMI climbed to 46.6 in August, compared to a level of 45.2 in the previous month.

The pair is expected to find support at 105.49, and a fall through could take it to the next support level of 105.31. The pair is expected to find its first resistance at 105.99, and a rise through could take it to the next resistance level of 106.31.

Amid no macroeconomic releases in Japan today, investor sentiment would be governed by global macroeconomic factors.

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

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