For the 24 hours to 23:00 GMT, the USD declined 2.14% against the JPY and closed at 107.79.
In the Asian session, at GMT0300, the pair is trading at 107.67, with the USD trading 0.11% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s producer price index slid 0.4% on a monthly basis in May, more than market expectations for a drop of 0.3% and compared to a fall of 1.5% in the previous month.
The pair is expected to find support at 107.44, and a fall through could take it to the next support level of 107.22. The pair is expected to find its first resistance at 108.07, and a rise through could take it to the next resistance level of 108.48.
With no macroeconomic releases in Japan today, investor sentiment would be governed by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
