For the 24 hours to 23:00 GMT, the USD declined 2.82% against the JPY and closed at 107.04.
In the Asian session, at GMT0300, the pair is trading at 106.91, with the USD trading 0.12% lower against the JPY from yesterday’s close.
The pair is expected to find support at 106.68, and a fall through could take it to the next support level of 106.44. The pair is expected to find its first resistance at 107.21, and a rise through could take it to the next resistance level of 107.50.
Moving ahead, traders would keep a close watch on Japan’s producer price index for April, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
