For the 24 hours to 23:00 GMT, the USD declined 1.06% against the JPY and closed at 108.98.
In the Asian session, at GMT0300, the pair is trading at 108.87, with the USD trading 0.10% lower against the JPY from yesterday’s close.
The pair is expected to find support at 108.52, and a fall through could take it to the next support level of 108.17. The pair is expected to find its first resistance at 109.13, and a rise through could take it to the next resistance level of 109.39.
Looking ahead, traders would keep a watch on Japan’s overall household spending for April, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
