For the 24 hours to 23:00 GMT, the USD declined 3.71% against the JPY and closed at 106.06.
In the Asian session, at GMT0300, the pair is trading at 106.18, with the USD trading 0.11% higher against the JPY from yesterday’s close.
The pair is expected to find support at 105.97, and a fall through could take it to the next support level of 105.76. The pair is expected to find its first resistance at 106.41, and a rise through could take it to the next resistance level of 106.64.
Moving ahead, investors would keep watch on Japan’s overall household spending for March and the Jibun Bank services PMI for April, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
