For the 24 hours to 23:00 GMT, the USD declined 2.5% against the JPY and closed at 107.40.
On the data front, Japan’s tertiary industry index fell 6.0% on a monthly basis in April, compared to a fall of 4.2% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 107.58, with the USD trading 0.17% higher against the JPY from yesterday’s close.
The pair is expected to find support at 107.17, and a fall through could take it to the next support level of 106.77. The pair is expected to find its first resistance at 107.81, and a rise through could take it to the next resistance level of 108.05.
Moving ahead, traders would keep a watch on Japan’s adjusted merchandise trade balance for May, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
