For the 24 hours to 23:00 GMT, the USD declined 0.50% against the JPY and closed at 105.95.

In the Asian session, at GMT0400, the pair is trading at 105.69, with the USD trading 0.25% lower against the JPY from yesterday’s close.

Overnight data revealed that Japan’s flash Nikkei manufacturing PMI declined to a level of 53.2 in March, compared to a level of 54.1 in the prior month.

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Early morning data showed that the nation’s all industry activity index eased 1.8% MoM in January, in line with market expectations. The index had advanced by a revised 0.6% in the prior month.

The pair is expected to find support at 105.30, and a fall through could take it to the next support level of 104.91. The pair is expected to find its first resistance at 106.36, and a rise through could take it to the next resistance level of 107.03.

Moving forward, Japan’s national consumer price index (CPI) for February, slated to release overnight, will be eyed by market participants.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


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