For the 24 hours to 23:00 GMT, the USD declined 2.85% against the JPY and closed at 107.01.
In the Asian session, at GMT0300, the pair is trading at 106.88, with the USD trading 0.12% lower against the JPY from yesterday’s close.
The pair is expected to find support at 106.57, and a fall through could take it to the next support level of 106.27. The pair is expected to find its first resistance at 107.31, and a rise through could take it to the next resistance level of 107.75.
Looking ahead, traders would keep a watch on Bank of Japan’s monetary policy meeting minutes, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
