For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 111.37.
In the Asian session, at GMT0400, the pair is trading at 111.59, with the USD trading 0.20% higher against the JPY from yesterday’s close.
The minutes of the Bank of Japan (BoJ) January monetary policy showed that the central bank disagreed over the pace of its monetary policy stimulus and expressed concerns about the delicate recovery of the nation that could be affected by escalating overseas risks.
The pair is expected to find support at 111.28, and a fall through could take it to the next support level of 110.98. The pair is expected to find its first resistance at 111.79, and a rise through could take it to the next resistance level of 112.00.
Moving forward, traders would keep an eye on Japan’s machine tool orders for February, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.