For the 24 hours to 23:00 GMT, the USD declined 0.48% against the JPY and closed at 108.04 on Friday.
In the Asian session, at GMT0400, the pair is trading at 108.05, with the USD trading marginally higher aginst the JPY from Friday’s close.
Overnight data indicated that Japan’s final manufacturing PMI dropped to a level of 48.4 in December, compared to a reading of 48.9 in the previous month. The preliminary figures had indicated a fall to 48.8.
The pair is expected to find support at 107.79, and a fall through could take it to the next support level of 107.53. The pair is expected to find its first resistance at 108.29, and a rise through could take it to the next resistance level of 108.53.
Moving ahead, investors would keep an eye on Japan’s Jibun Bank services PMI for December, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
