For the 24 hours to 23:00 GMT, the USD declined 0.08% against the JPY and closed at 110.84.

In the Asian session, at GMT0300, the pair is trading at 110.44, with the USD trading 0.36% lower against the JPY from yesterday’s close.

Data released overnight showed that Japan’s flash Nikkei manufacturing PMI declined to a level of 52.5 in May, expanding at its weakest pace since August 2017. The PMI had registered a reading of 53.8 in the prior month.

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The pair is expected to find support at 110.18, and a fall through could take it to the next support level of 109.91. The pair is expected to find its first resistance at 110.95, and a rise through could take it to the next resistance level of 111.45.

Going ahead, traders would keep a close watch on Japan’s final machine tool orders for April, due in a while.

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


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