For the 24 hours to 23:00 GMT, the USD declined 1.21% against the JPY and closed at 107.45.
In the Asian session, at GMT0300, the pair is trading at 107.07, with the USD trading 0.35% lower against the JPY from yesterday’s close.
The minutes of the Bank of Japan (BoJ) June monetary policy showed that policymakers debated the prospect for further easing of monetary policy as one of its members was of the opinion that the central bank should direct its policy decision towards maintaining price stability target in order to overcome deflation.
The pair is expected to find support at 106.20, and a fall through could take it to the next support level of 105.32. The pair is expected to find its first resistance at 108.60, and a rise through could take it to the next resistance level of 110.13.
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.
