For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 111.94.
Data showed that Japan’s national consumer price index (CPI) rose 0.5% on an annual basis in March, at par with market expectations. In the prior month, the CPI had recorded a rise of 0.2%.
In the Asian session, at GMT0300, the pair is trading at 111.77, with the USD trading 0.15% lower against the JPY from yesterday’s close.
The pair is expected to find support at 111.62, and a fall through could take it to the next support level of 111.47. The pair is expected to find its first resistance at 111.95, and a rise through could take it to the next resistance level of 112.13.
Looking forward, traders would await Japan’s machine tool orders for March, slated to release in a while.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
