For the 24 hours to 23:00 GMT, the USD rose 0.31% against the JPY and closed at 106.59.

In the Asian session, at GMT0300, the pair is trading at 106.45, with the USD trading 0.13% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s Nikkei manufacturing PMI rose to a level of 49.5 in August, less than market expectations for an advance to a level of 49.8 and compared to a reading of 49.4 in the previous month.

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The pair is expected to find support at 106.32, and a fall through could take it to the next support level of 106.18. The pair is expected to find its first resistance at 106.62, and a rise through could take it to the next resistance level of 106.78.

Going ahead, traders would look forward to Japan’s national consumer price index for July, slated to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages

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