For the 24 hours to 23:00 GMT, the USD declined 0.11% against the JPY and closed at 108.59.
In the Asian session, at GMT0300, the pair is trading at 108.57, with the USD trading slightly lower against the JPY from yesterday’s close.
Overnight data revealed that Japan’s national consumer price inflation slowed to 0.2% on an annual basis in September, compared to market expectations for a rise of 0.4%. In the prior month, inflation had recorded a level of 0.3%.
The pair is expected to find support at 108.37, and a fall through could take it to the next support level of 108.18. The pair is expected to find its first resistance at 108.85, and a rise through could take it to the next resistance level of 109.14.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
