For the 24 hours to 23:00 GMT, the USD rose 0.52% against the JPY and closed at 109.16.
In the Asian session, at GMT0400, the pair is trading at 109.03, with the USD trading 0.12% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s Nikkei services PMI eased to a level of 49.7 in October, more than market expectations for a fall to a level of 50.3. The PMI had registered a reading of 52.8 in the prior month.
The Bank of Japan, in its latest monetary policy meeting minutes debated the feasibility of additional easing in September, wherein officials agreed that it was appropriate to continue with the current monetary easing. However, members cautioned over downside risks to economic activity.
The pair is expected to find support at 108.77, and a fall through could take it to the next support level of 108.52. The pair is expected to find its first resistance at 109.26, and a rise through could take it to the next resistance level of 109.50.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
