For the 24 hours to 23:00 GMT, the USD declined 3.48% against the JPY and closed at 106.32.
In the Asian session, at GMT0400, the pair is trading at 106.52, with the USD trading 0.19% higher against the JPY from yesterday’s close.
Earlier in the session, Japan’s industrial production unexpectedly dropped 2.3% on an annual basis in January, compared to a drop of 2.5% in the previous month.
The pair is expected to find support at 105.36, and a fall through could take it to the next support level of 104.19. The pair is expected to find its first resistance at 107.48, and a rise through could take it to the next resistance level of 108.43.
Looking forward, investors would focus on Japan’s adjusted merchandise trade balance for February, slated to release overnight.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
