For the 24 hours to 23:00 GMT, the USD declined 0.17% against the JPY and closed at 108.77.

In the Asian session, at GMT0400, the pair is trading at 108.67, with the USD trading 0.09% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s flash annualised gross domestic product (GDP) grew 0.2% on a quarterly basis in 3Q 2019, marking its slowest pace in a year. In the prior quarter, the GDP had recorded a revised rise of 1.8%.

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The pair is expected to find support at 108.50, and a fall through could take it to the next support level of 108.34. The pair is expected to find its first resistance at 108.99, and a rise through could take it to the next resistance level of 109.32.

Moving ahead, investors would await Japan’s industrial production for September, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


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