For the 24 hours to 23:00 GMT, the USD declined 0.40% against the JPY and closed at 107.11.
In the Asian session, at GMT0300, the pair is trading at 107.34, with the USD trading 0.21% higher against the JPY from yesterday’s close.
The minutes of the Bank of Japan’s (BoJ) latest monetary policy showed that the central bank is considering further ease in monetary policy, if it loses momentum to reach its 2% inflation target. Further, the policymakers highlighted the need for preemptive response to downside risks to the economy and prices.
The pair is expected to find support at 106.93, and a fall through could take it to the next support level of 106.53. The pair is expected to find its first resistance at 107.77, and a rise through could take it to the next resistance level of 108.21.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
