For the 24 hours to 23:00 GMT, the USD declined 2.69% against the JPY and closed at 107.19 on Friday.
In the Asian session, at GMT0300, the pair is trading at 107.12, with the USD trading 0.07% lower against the JPY from Friday’s close.
Overnight data showed that Japan’s gross domestic product fell 0.9% on a quarterly basis in first quarter of 2020, less than market forecast for a drop of 1.2% and compared to a revised drop of 1.9% in the previous quarter.
The pair is expected to find support at 106.86, and a fall through could take it to the next support level of 106.61. The pair is expected to find its first resistance at 107.37, and a rise through could take it to the next resistance level of 107.63.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
