For the 24 hours to 23:00 GMT, the USD rose 2.08% against the JPY and closed at 110.14 on Friday.
In the Asian session, at GMT0400, the pair is trading at 110.19, with the USD trading 0.05% higher against the JPY from Friday’s close.
Early morning data indicated that Japan’s industrial production dropped 8.2% on an annual basis in November, more than market expectations and compared to a decline of 8.1% in the previous month.
The pair is expected to find support at 110.08, and a fall through could take it to the next support level of 109.96. The pair is expected to find its first resistance at 110.28, and a rise through could take it to the next resistance level of 110.36.
Looking forward, investors would keep an eye on the Bank of Japan’s key interest rate decision and monetary policy statement, slated to release early morning tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.