For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 111.29.
In the Asian session, at GMT0400, the pair is trading at 111.36, with the USD trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 110.80, and a fall through could take it to the next support level of 110.25. The pair is expected to find its first resistance at 111.82, and a rise through could take it to the next resistance level of 112.29.
Moving ahead, all eyes will be on the release of Japan’s preliminary Nikkei manufacturing PMI for March, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
