For the 24 hours to 23:00 GMT, the USD declined 2.61% against the JPY and closed at 107.27.
In the Asian session, at GMT0300, the pair is trading at 107.32, with the USD trading 0.05% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s producer price index dropped 2.3% on a yearly basis in April, compared to a fall of 0.4% in the prior month.
The pair is expected to find support at 106.92, 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 107.57, and a rise through could take it to the next resistance level of 107.83.
In absence of any macroeconomic releases in Japan today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
