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

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

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.01% against the JPY and closed at 111.26.

In the Asian session, at GMT0400, the pair is trading at 111.12, with the USD trading 0.13% lower against the JPY from yesterday’s close.

The Bank of Japan (BoJ) warned that the coronavirus pandemic could send Japan into deep economic stagnation. One board member stated that the central bank could continue to respond flexibly to risks, through measures such as another emergency policy meeting or ramping up government bond purchases, as recession fears heighten.

The pair is expected to find support at 110.26, and a fall through could take it to the next support level of 109.41. The pair is expected to find its first resistance at 111.84, and a rise through could take it to the next resistance level of 112.57.

Trading trends in the pair today are expected to be determined by

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

  Trading plan on EUR/USD for Feb 14, 2020 - Forex Alchemy

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