Yen Trading Higher In The Asian Session

Yen Trading Higher In The Asian Session

For the 24 hours to 23:00 GMT, the USD strengthened 0.23% against the JPY and closed at 92.33.

In the Asian session, at GMT0400, the pair is trading at 92.26, with the USD trading marginally lower from yesterday's close.

In the morning news, Japan's Prime Minister, Shinzo Abe nominated Asian Development Bank President, Haruhiko Kuroda as the Bank of Japan Governor, thereby raising probability of further monetary stimulus this year. Separately, the Nomura/JMMA manufacturing Purchasing Managers' Index (PMI) in Japan advanced to a reading of 48.5 in February, compared to a reading of 47.7 recorded in January. On a seasonally adjusted monthly basis, industrial production rose 1.0% in January, compared to a 2.4% rise reported in the previous month. Separately, vehicle production fell 9.9% (YoY) in January, following a 17.2% decline recorded in the previous month.

The pair is expected to find support at 91.37, and a fall through could take it to the next support level of 90.48. The pair is expected to find its first resistance at 92.91, and a rise through could take it to the next resistance level of 93.57.