For the 24 hours to 23:00 GMT, the USD rose 0.25% against the JPY and closed at 110.78.
In the Asian session, at GMT0300, the pair is trading at 110.71, with the USD trading 0.06% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s final manufacturing PMI expanded to a 3-month high level of 50.2 in April, compared to a level of 49.2 in the prior month. The preliminary figures had indicated an advance to 49.5.
The pair is expected to find support at 110.47, and a fall through could take it to the next support level of 110.24. The pair is expected to find its first resistance at 110.95, and a rise through could take it to the next resistance level of 111.20.
Going forward, traders would closely monitor the Bank of Japan’s March policy meeting minutes along with Japan’s Nikkei services PMI for April, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
