For the 24 hours to 23:00 GMT, the USD declined 2.53% against the JPY and closed at 107.36.
In the Asian session, at GMT0400, the pair is trading at 107.14, with the USD trading 0.20% lower against the JPY from yesterday’s close.
Overnight data showed that Japan posted an adjusted merchandise trade surplus of ¥498.3 billion in February, compared to a trade deficit of ¥224.1 billion in the prior month.
The pair is expected to find support at 106.25, and a fall through could take it to the next support level of 105.37. The pair is expected to find its first resistance at 107.94, and a rise through could take it to the next resistance level of 108.75.
Moving ahead, investors would keep a watch on Japan’s national consumer price index for February, along with the Bank of Japan’s monetary policy meeting minutes, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving averages.
