For the 24 hours to 23:00 GMT, the USD declined 0.15% against the JPY and closed at 107.54.
In the Asian session, at GMT0300, the pair is trading at 107.53, with the USD trading slightly lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s Nikkei manufacturing PMI declined to a level of 48.9 in September, following a reading of 49.3 in the prior month.
The pair is expected to find support at 107.30, and a fall through could take it to the next support level of 107.08. The pair is expected to find its first resistance at 107.76, and a rise through could take it to the next resistance level of 108.00.
Moving forward, investors would closely monitor Bank of Japan’s meeting minutes, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
