For the 24 hours to 23:00 GMT, the USD declined 1.79% against the JPY and closed at 108.18.

In the Asian session, at GMT0300, the pair is trading at 107.91, with the USD trading 0.25% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s Jibun Bank services PMI dropped to a level of 33.8 in March, as the COVID-19 pandemic affected demand and compared to a reading of 46.8 in the prior month.

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The pair is expected to find support at 107.22, 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 108.40, and a rise through could take it to the next resistance level of 108.89.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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