For the 24 hours to 23:00 GMT, the USD declined 0.20% against the JPY and closed at 108.46.
In the Asian session, at GMT0400, the pair is trading at 108.48, with the USD trading marginally higher against the JPY from yesterday’s close.
Overnight data showed that Japan posted a merchandise (total) trade surplus of ¥17.3 billion in October, following a revised deficit of ¥124.8 billion in the previous month. Market participants had expected the nation to record a surplus of ¥301.0 billion.
The pair is expected to find support at 108.28, and a fall through could take it to the next support level of 108.08. The pair is expected to find its first resistance at 108.76, and a rise through could take it to the next resistance level of 109.04.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
