For the 24 hours to 23:00 GMT, the USD declined 0.12% against the JPY and closed at 106.46.

In the Asian session, at GMT0300, the pair is trading at 106.56, with the USD trading 0.09% higher against the JPY from yesterday’s close.

The Japanese Yen declined against the US dollar, amid weaker than expected Japan’s inflation data.

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Overnight data showed that Japan’s national consumer price inflation slowed to 0.5% on an annual basis in July, from a rate of 0.7% in the previous month. Market participants had expected the inflation to slow to 0.6%.

The pair is expected to find support at 106.33, and a fall through could take it to the next support level of 106.09. The pair is expected to find its first resistance at 106.72, and a rise through could take it to the next resistance level of 106.87.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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