For the 24 hours to 23:00 GMT, the USD declined 3.00% against the JPY and closed at 106.84.
In the Asian session, at GMT0300, the pair is trading at 106.85, with the USD trading slightly higher against the JPY from yesterday’s close.
The pair is expected to find support at 106.58, and a fall through could take it to the next support level of 106.30. The pair is expected to find its first resistance at 107.45, and a rise through could take it to the next resistance level of 108.04.
Moving forward, traders would keep a watch on Japan’s industrial production in April, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
