For the 24 hours to 23:00 GMT, the USD declined 0.06% against the JPY and closed at 108.49.
In the Asian session, at GMT0300, the pair is trading at 108.46, with the USD trading marginally lower against the JPY from yesterday’s close.
Overnight data showed that Japan posted a total trade deficit of ¥967.1 billion in May, following a surplus of ¥60.4 billion in the previous month. Market participants had expected the nation to record a deficit of ¥1200.0 billion.
The pair is expected to find support at 108.12, 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 108.74, and a rise through could take it to the next resistance level of 109.02.
Moving forward, traders would await the Bank of Japan’s June interest rate decision, slated to release overnight.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
