For the 24 hours to 23:00 GMT, the USD rose 1.93% against the JPY and closed at 109.98.
In the Asian session, at GMT0400, the pair is trading at 109.90, with the USD trading 0.07% lower against the JPY from yesterday’s close.
The pair is expected to find support at 109.77, and a fall through could take it to the next support level of 109.64. The pair is expected to find its first resistance at 110.08, and a rise through could take it to the next resistance level of 110.26.
Going ahead, traders would await Japan’s machinery orders for November and producer price index for December, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
