For the 24 hours to 23:00 GMT, the USD declined 0.50% against the JPY and closed at 107.42.
In the Asian session, at GMT0300, the pair is trading at 107.52, with the USD trading 0.09% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s consumer price index (CPI) climbed 0.7% on an annual basis in June, meeting market expectations. The CPI had registered a similar rise in the prior month.
The pair is expected to find support at 107.15, and a fall through could take it to the next support level of 106.77. The pair is expected to find its first resistance at 107.96, and a rise through could take it to the next resistance level of 108.39.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
