JPY has been supported by the Flash Manufacturing PMI and Tokyo Core CPI reports which both came better than expected.
The support rests at 108.940 with resistance at 109.390 which the weekly pivot point at 109.260 is located in between the lines. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is moving below the 50 level, the Stochastic is showing downward momentum and the MACD indicator is in neutral territory. The ADX is not showing any clear signals.
Short positions are recommended towards 108.5.

usdjpy analysis