For the 24 hours to 23:00 GMT, the USD declined 2.28% against the JPY and closed at 107.64.
In the Asian session, at GMT0300, the pair is trading at 107.42, with the USD trading 0.20% lower against the JPY from yesterday’s close.
The pair is expected to find support at 106.88, and a fall through could take it to the next support level of 106.33. The pair is expected to find its first resistance at 107.87, and a rise through could take it to the next resistance level of 108.31.
Moving forward, traders would keep a close watch on Japan’s leading and coincident indices, both for March, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
