For the 24 hours to 23:00 GMT, the USD rose 0.16% against the JPY and closed at 108.66.
In the Asian session, at GMT0300, the pair is trading at 108.59, with the USD trading 0.06% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s manufacturing PMI eased to a level of 48.5 in October, contracting at its quickest pace in 3 years and more than market consensus for a fall to a level of 48.8. In the prior month, the PMI had recorded a reading of 48.9.
The pair is expected to find support at 108.35, and a fall through could take it to the next support level of 108.10. The pair is expected to find its first resistance at 108.77, and a rise through could take it to the next resistance level of 108.94.
Looking forward, investors would await Japan’s leading index and coincident index for August, slated to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
