For the 24 hours to 23:00 GMT, the USD rose 0.59% against the JPY and closed at 109.91.
In the Asian session, at GMT0300, the pair is trading at 109.69, with the USD trading 0.20% lower against the JPY from yesterday’s close.
Data released overnight revealed that Japan’s Nikkei services PMI climbed to a level of 52.5 in April, notching a 6-month high level and compared to a level of 50.9 in the previous month.
The pair is expected to find support at 109.36, and a fall through could take it to the next support level of 109.03. The pair is expected to find its first resistance at 109.97, and a rise through could take it to the next resistance level of 110.25.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
