For the 24 hours to 23:00 GMT, the USD declined 2.17% against the JPY and closed at 107.76.
In the Asian session, at GMT0300, the pair is trading at 107.75, with the USD trading marginally lower against the JPY from yesterday’s close.
The pair is expected to find support at 107.39, and a fall through could take it to the next support level of 107.03. The pair is expected to find its first resistance at 108.00, and a rise through could take it to the next resistance level of 108.25.
Moving ahead, investors would keep an eye on Japan’s Jibun Bank manufacturing PMI for April, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
