For the 24 hours to 23:00 GMT, the USD declined 3.11% against the JPY and closed at 106.72 on Friday.
In the Asian session, at GMT0300, the pair is trading at 106.79, with the USD trading 0.07% higher against the JPY from Friday’s close.
Overnight data showed that Japan’s Jibun Bank services PMI dropped to 21.5 in April, more than market expectations for a fall to a level of 22.8 and compared to a reading of 33.8 in the previous month.
The pair is expected to find support at 106.38, and a fall through could take it to the next support level of 105.96. The pair is expected to find its first resistance at 107.11, and a rise through could take it to the next resistance level of 107.42.
With no macroeconomic releases in Japan today, investor sentiment would be determined by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
