For the 24 hours to 23:00 GMT, the USD declined 2.35% against the JPY and closed at 107.56.
In the Asian session, at GMT0300, the pair is trading at 107.70, with the USD trading 0.13% higher against the JPY from yesterday’s close.
The pair is expected to find support at 107.47, and a fall through could take it to the next support level of 107.25. The pair is expected to find its first resistance at 107.84, and a rise through could take it to the next resistance level of 107.99.
Moving forward, traders would keep a watch on Japan’s Jibun Bank services PMI for May, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
