For the 24 hours to 23:00 GMT, the USD fell 0.05% against the JPY and closed at 109.93.
In the Asian session, at GMT0400, the pair is trading at 109.90, with the USD trading slightly lower against the JPY from yesterday’s close.
Early morning data indicated that Japan’s flash leading index fell to a level of 97.9 in December, at par with market expectations. In the previous month, the index had recorded a reading of 99.1. Moreover, the nation’s coincident index declined to a level of 102.3 in December, less than market expectations for a drop to a level of 102.2. The index had registered a reading of 102.9 in the prior month.
The pair is expected to find support at 109.55, and a fall through could take it to the next support level of 109.31. The pair is expected to find its first resistance at 110.03, and a rise through could take it to the next resistance level of 110.27.
Moving ahead, traders would await Japan’s trade balance and overall household spending data, both for December, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
