For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 108.54.

In the Asian session, at GMT0400, the pair is trading at 108.56, with the USD trading marginally higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s machinery orders in Japan fell 6.1% on a yearly basis in October, declining for the fourth straight month and more than market forecast for a fall of 1.8%. In the previous month, machinery orders had recorded a rise of 5.1%.

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The pair is expected to find support at 108.41, and a fall through could take it to the next support level of 108.27. 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 108.95.

Going forward, investors would keep an eye on Japan’s industrial production for October, slated to release early morning.

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

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