USDJPY Movement
On Friday, the USD weakened 0.73% against the JPY and closed at 117.49, following weaker than expected 4Q US GDP data.
In the Asian session, at GMT0400, the pair is trading at 117.77, with the USD trading 0.24% higher from Friday’s close.
Early morning data indicated that, Japan’s Nomura/JMMA manufacturing PMI slightly advanced to 52.2 in January, from previous month’s reading of 52.1 recorded in December, thus indicating that the nation’s manufacturing sector continued to expand at a steady pace.
The pair is expected to find support at 117.09, and a fall through could take it to the next support level of 116.4. The pair is expected to find its first resistance at 118.30, and a rise through could take it to the next resistance level of 118.83.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
