For the 24 hours to 23:00 GMT, the USD declined 0.49% against the JPY and closed at 107.43.

On the data front, Japan’s consumer confidence index unexpectedly rose to 28.4 in June, defying market consensus for a drop to a level of 20.9 and compared to a reading of 24.0 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 107.54, with the USD trading 0.10% higher against the JPY from yesterday’s close.

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The pair is expected to find support at 107.32, and a fall through could take it to the next support level of 107.09. The pair is expected to find its first resistance at 107.78, and a rise through could take it to the next resistance level of 108.01.

Moving forward, traders would keep a watch on Japan’s Jibun Bank services PMI for June, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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