For the 24 hours to 23:00 GMT, the USD rose 0.50% against the JPY and closed at 111.42.
In the Asian session, at GMT0300, the pair is trading at 111.24, with the USD trading 0.16% lower against the JPY from yesterday’s close.
Overnight data revealed that Japan’s flash Nikkei manufacturing PMI eased to a 20-month low level of 51.6 in July, following a reading of 53.0 in the prior month.
The pair is expected to find support at 110.89, and a fall through could take it to the next support level of 110.53. The pair is expected to find its first resistance at 111.57, and a rise through could take it to the next resistance level of 111.89.
Moving ahead, traders will await Japan’s leading index and coincident index, both for May, scheduled to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
