For the 24 hours to 23:00 GMT, the USD rose 0.11% against the JPY and closed at 108.59.

In the Asian session, at GMT0400, the pair is trading at 108.64, with the USD trading 0.05% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s national consumer price index (CPI) rose 0.2% on a yearly basis in October, less than market anticipations for a climb of 0.3%. In the previous month, the CPI had registered a similar rise. Meanwhile, the nation’s manufacturing PMI rose to a level of 48.6 in November, less than market expectations for a rise to a level of 48.7. In the preceding month, the PMI had recorded a reading of 48.4.

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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 108.35. The pair is expected to find its first resistance at 108.75, and a rise through could take it to the next resistance level of 108.85.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


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