USD/JPY: Japanese Yen trading lower on the back of dismal economic data


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.73% against the JPY and closed at 109.77 on Friday.

In the Asian session, at GMT0400, the pair is trading at 109.81, with the USD trading 0.04% higher against the JPY from Friday’s close.

The Japanese Yen declined against the US dollar, following the release of Japan’s preliminary fourth quarter GDP data.

Data showed that Japan’s annualised GDP dropped 6.3% on an annual basis in 4Q19, more than market forecast and compared to a rise of 1.8% in the previous quarter. Additionally, the nation’s industrial production fell 3.1% on an annual basis in December, compared to a drop of 3.0% in the previous month.

The pair is expected to find support at 109.71, and a fall through could take it to the next support level of 109.61. The pair is expected to find its first resistance at 109.90, and a rise through could take it to the next resistance level of 109.99.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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