For the 24 hours to 23:00 GMT, the USD declined 0.20% against the JPY and closed at 109.35.
In the Asian session, at GMT0400, the pair is trading at 109.33, with the USD trading marginally lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s national consumer price index (CPI) advanced 0.5% on an annual basis in November, surpassing market consensus for a rise of 0.2%. In the prior month, the CPI had registered a rise of 0.2%.
The pair is expected to find support at 109.14, and a fall through could take it to the next support level of 108.95. The pair is expected to find its first resistance at 109.56, and a rise through could take it to the next resistance level of 109.79.
Looking forward, traders would await the Bank of Japan’s meeting minutes along with Japan’s construction orders, housing starts, unemployment rate, retail trade and industrial production, all set to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
