For the 24 hours to 23:00 GMT, the USD declined 0.16% against the JPY and closed at 110.58.
In the Asian session, at GMT0400, the pair is trading at 110.94, with the USD trading 0.33% higher against the JPY from yesterday’s close.
Early morning data indicated that Japan’s tertiary industry index registered a rise of 1.1% on a monthly basis in November, higher than market expectations for an advance of 0.3%. The index had registered a revised rise of 0.2% in the prior month.
The pair is expected to find support at 110.52, and a fall through could take it to the next support level of 110.10. The pair is expected to find its first resistance at 111.17, and a rise through could take it to the next resistance level of 111.40.
Going ahead, market participants would eye the release of Japan’s machine orders for November, due to release overnight.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
