For the 24 hours to 23:00 GMT, the USD declined 0.55% against the JPY and closed at 108.43.
In the Asian session, at GMT0300, the pair is trading at 108.48, with the USD trading marginally higher against the JPY from yesterday’s close.
The pair is expected to find support at 108.13, and a fall through could take it to the next support level of 107.78. The pair is expected to find its first resistance at 108.99, and a rise through could take it to the next resistance level of 109.50.
Moving ahead, traders would concentrate on Japan’s adjusted merchandise trade balance for March, due to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
