For the 24 hours to 23:00 GMT, the USD declined 0.06% against the JPY and closed at 107.31.
In the Asian session, at GMT0300, the pair is trading at 107.05, with the USD trading 0.24% lower against the JPY from yesterday’s close.
The Bank of Japan’s April meeting minutes suggested that the central bank must be more vigilant over the rising side-effects of its current ultra-easy policy on financial institutions and markets. Additionally, policymakers stressed the importance of maintaining a mix of fiscal and monetary policies to help stimulate the economy. Meanwhile, one member warned that additional declines in interest rates could do more harm than good to the economy.
The pair is expected to find support at 106.87, and a fall through could take it to the next support level of 106.7. The pair is expected to find its first resistance at 107.38, and a rise through could take it to the next resistance level of 107.72.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
