For the 24 hours to 23:00 GMT, the USD declined 0.28% against the JPY and closed at 111.03.
In the Asian session, at GMT0400, the pair is trading at 110.86, with the USD trading 0.15% lower against the JPY from yesterday’s close.
The pair is expected to find support at 110.55, and a fall through could take it to the next support level of 110.23. The pair is expected to find its first resistance at 111.33, and a rise through could take it to the next resistance level of 111.79.
Next week, market participants would anxiously await the Bank of Japan’s (BoJ) interest rate decision. Moreover, Japan’s inflation, flash Nikkei manufacturing PMI and trade balance data, all would keep investors on their toes.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
