The greenback gained ground against the yen after the mixed US macroeconomic data. The Philly manufacturing index fell slightly from a reading of 6.3 in January to 5.2 this month. The current new orders index fell 3 points. The other data such as weekly unemployment insurance weekly claims gave good thumbs up to the US dollar. In the week ending February 14, the flash figure for seasonally adjusted initial claims was 283,000, a decrease of 21,000 from the previous week's unrevised level of 304,000. Today at the Asian session, traders are keeping an eye on Japan Flash manufacturing data. The index increased to 52.20 in January, according to the flash estimate the index could be 52.6 this month.

At yesterday's session, the pair again took support at 50Dsma and managed to close above it. Today, at the early Asian session the pair opened on a bullish note. The pair made a double top at 120.50. We can observe some distribution at 119.45. The prices are closed and trading above hourly moving averages. We recommend buying above 119.50 towards 120.00 and 120.50. Another upswing looms above 120.50. The pair has intraday support between 118.80 and 118.50. Until the pair holds and closes above 118.20, we recommend bullish views. We recommend selling only below 118.20 with the targets at 118.00 and 117.60.