For the 24 hours to 23:00 GMT, the USD declined 2.26% against the JPY and closed at 107.66.

On the data front, Japan’s construction orders unexpectedly rose 0.7% on a yearly basis in February, defying market expectations for a decline of 0.7% and compared to a plunge of 17.0% in the prior month. Additionally, the nation’s housing starts dropped 12.3% on an annual basis in February, registering its eighth consecutive decline and less than market anticipations for a drop of 14.7%. In the prior month, housing starts had recorded a drop of 10.1%.

In the Asian session, at GMT0300, the pair is trading at 107.66, with the USD trading flat against the JPY from yesterday’s close.

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Overnight data showed that Japan’s Jibun Bank manufacturing PMI fell to a level of 44.8 in March, in line with market forecast and compared to a revised rise of 47.8 in the earlier month.

The pair is expected to find support at 107.04, and a fall through could take it to the next support level of 106.41. The pair is expected to find its first resistance at 108.51, and a rise through could take it to the next resistance level of 109.35.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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