For the 24 hours to 23:00 GMT, the USD declined 4.59% against the JPY and closed at 105.09.
In the Asian session, at GMT0400, the pair is trading at 104.71, with the USD trading 0.36% lower against the JPY from yesterday’s close.
The pair is expected to find support at 103.31, and a fall through could take it to the next support level of 101.92. The pair is expected to find its first resistance at 106.01, and a rise through could take it to the next resistance level of 107.32.
Moving ahead, investors would focus on Japan’s producer price index for February, due to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
