For the 24 hours to 23:00 GMT, the USD declined 0.27% against the JPY and closed at 107.96.

In the Asian session, at GMT0300, the pair is trading at 107.74, with the USD trading 0.20% lower against the JPY from yesterday’s close.

Overnight data showed that Japan posted a merchandise (total) trade surplus of ¥589.5 billion in June, following a revised deficit of ¥968.3 billion in the previous month. Markets had expected the nations to post a surplus of ¥403.5 billion.

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The pair is expected to find support at 107.48, and a fall through could take it to the next support level of 107.22. The pair is expected to find its first resistance at 108.16, and a rise through could take it to the next resistance level of 108.58.

Looking ahead, investors would await Japan’s National consumer price index for June, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


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