For the 24 hours to 23:00 GMT, the USD strengthened 0.53% against the JPY and closed at 124.83.
In the Asian session, at GMT0300, the pair is trading at 124.75, with the USD trading 0.06% lower from yesterday’s close.
Earlier today, data indicated that labour cash earnings in Japan advanced 0.9% on an annual basis, beating market expectations for a 0.3% increase. In the previous month, labour cash earnings had registered a revised flat reading.
Overnight data showed that Japan’s monetary base climbed 35.6% YoY in May, following a rise of 35.2% recorded in May.
The pair is expected to find support at 124.05, and a fall through could take it to the next support level of 123.35. The pair is expected to find its first resistance at 125.26, and a rise through could take it to the next resistance level of 125.77.
Going forward, investors look forward to the release of Japan’s services PMI data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.