For the 24 hours to 23:00 GMT, the USD rose 0.16% against the JPY and closed at 108.79.
In the Asian session, at GMT0400, the pair is trading at 108.74, with the USD trading 0.05% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s producer price index unexpectedly rose 0.1% on an annual basis in November, defying market expectations for a flat reading. In the prior month, the index had recorded fall of 0.4%
The pair is expected to find support at 108.55, and a fall through could take it to the next support level of 108.36. The pair is expected to find its first resistance at 108.89, and a rise through could take it to the next resistance level of 109.04.
Looking ahead, traders would await Japan’s machinery orders for October, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
