For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 109.43.
In the Asian session, at GMT0300, the pair is trading at 109.03, with the USD trading 0.37% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s unemployment rate remained unchanged at 2.5% in April, meeting market anticipations.
The pair is expected to find support at 108.76, and a fall through could take it to the next support level of 108.5. The pair is expected to find its first resistance at 109.45, and a rise through could take it to the next resistance level of 109.88.
Moving ahead, market participants would look forward to a speech by the Bank of Japan’s (BoJ) Governor, Haruhiko Kuroda, due overnight. Investors would also eye the release of retail trade and large retailers’ sales data, both for April, slated overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
