For the 24 hours to 23:00 GMT, the USD declined 0.54% against the JPY and closed at 109.55.
In the Asian session, at GMT0400, the pair is trading at 109.11, with the USD trading 0.40% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s industrial production unexpectedly rose by 0.8% on a monthly basis in January, compared to a rise of 1.2% in the previous month. Meanwhile, the unemployment rate advanced to 2.4% in January, compared to 2.2% in the previous month. Additionally, the nation’s retail trade fell 0.4% on a yearly basis in January, compared to a drop of 2.6% in the previous month.
Earlier in the session, Japan’s construction orders plunged 17.0% on an annual basis in January, compared to a rise of 21.4% in the previous month. Also, housing starts fell 10.1% on a yearly basis in January, compared to a decline of 7.9% in the prior month.
The pair is expected to find support at 108.56, and a fall through could take it to the next support level of 108.02. The pair is expected to find its first resistance at 110.00, and a rise through could take it to the next resistance level of 110.90.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
