For the 24 hours to 23:00 GMT, the USD strengthened 0.11% against the JPY and closed at 123.22.
In the Asian session, at GMT0400, the pair is trading at 122.86, with the USD trading 0.29% lower from yesterday’s close.
Early this morning, the BoJ monetary policy board member, Yutaka Harada, stated that Japan’s economic recovery is on path and suggested that the central bank should not hesitate to ease its monetary policy further, if global market risks threaten to derail the country’s economy.
The pair is expected to find support at 122.58, and a fall through could take it to the next support level of 122.31. The pair is expected to find its first resistance at 123.30, and a rise through could take it to the next resistance level of 123.73.
Going ahead, market participants will look forward to Japan’s industrial production data for September, scheduled to be released later this week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.