For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 111.03 on Friday.
In the Asian session, at GMT0400, the pair is trading at 110.76, with the USD trading 0.24% lower against the JPY from Friday’s close.
Earlier today, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda reiterated the central bank’s pledge to maintain its massive stimulus programme until the economy achieves 2.0% inflation. Nevertheless, he expressed confidence in the Japanese economy and noted that the recovery will spur inflationary pressure.
The pair is expected to find support at 110.36, and a fall through could take it to the next support level of 109.97. The pair is expected to find its first resistance at 111.42, and a rise through could take it to the next resistance level of 112.09.
Going ahead, Japan’s tertiary industry index for November, scheduled to release tomorrow, will be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
