For the 24 hours to 23:00 GMT, the USD declined 0.42% against the JPY and closed at 111.32 on Friday.
In the Asian session, at GMT0300, the pair is trading at 111.32, with the USD trading flat against the JPY from Friday’s close.
Early morning data indicated that Japan’s final Nikkei manufacturing PMI eased to a level of 52.4 in March, although remained in the expansion territory, compared to a level of 53.3 in the prior month. The preliminary figures had indicated a fall to 52.6. Moreover, the nation’s Tankan large manufacturing index registered a less-than-expected rise to a level of 12.0 in the first quarter of 2017, compared to a reading of 10.0 in the prior quarter. Further, the nation’s non-manufacturing index rose more-than-anticipated to a level of 20.0 in 1Q 2017, compared to a level of 18.0 in the previous quarter. Also, the nation’s Tankan large manufacturing outlook index advanced to a level of 11.0 in 1Q 2017, compared to a reading of 8.0 in the previous quarter, while the outlook for non-manufacturing index remained steady at a level of 16.0 in 1Q 2017.
The pair is expected to find support at 110.88, and a fall through could take it to the next support level of 110.45. The pair is expected to find its first resistance at 111.97, and a rise through could take it to the next resistance level of 112.63.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
