For the 24 hours to 23:00 GMT, the USD declined 0.29% against the JPY and closed at 106.22 on Friday.
Data indicated that Japan’s construction orders jumped 26.9% on an annual basis in July, following a decline of 4.2% in the prior month. Meanwhile, the nation’s housing starts eased 4.1% on a yearly basis in July, less than market anticipations for a fall of 5.0%. In the prior month, housing starts had recorded a rise of 0.3%.
In the Asian session, at GMT0300, the pair is trading at 106.17, with the USD trading 0.05% lower against the JPY from Friday’s close.
Overnight data indicated that Japan’s, Nikkei manufacturing PMI fell to a level of 49.3 in August, compared to a reading of 49.5 in the previous month.
The pair is expected to find support at 105.89, and a fall through could take it to the next support level of 105.6. The pair is expected to find its first resistance at 106.50, and a rise through could take it to the next resistance level of 106.82.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
