For the 24 hours to 23:00 GMT, the USD rose 3.11% against the JPY and closed at 111.26.
In the Asian session, at GMT0400, the pair is trading at 111.36, with the USD trading 0.09% higher against the JPY from yesterday’s close.
The pair is expected to find support at 110.38, and a fall through could take it to the next support level of 109.41. The pair is expected to find its first resistance at 111.96, and a rise through could take it to the next resistance level of 112.57.
Going forward, market participants would keep a close watch on Japan’s inflation numbers for January, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
