For the 24 hours to 23:00 GMT, the USD declined 0.39% against the JPY and closed at 107.35.

In the Asian session, at GMT0300, the pair is trading at 107.37, with the USD trading marginally higher against the JPY from yesterday’s close.

On the data front, Japan’s overall household spending slumped 16.2% on yearly basis in May, marking its fastest pace since 2001 and more than market forecast for a drop of 12.2%. In the prior month, household spending had recorded a decline of 11.1%.

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The pair is expected to find support at 107.16, and a fall through could take it to the next support level of 106.94. The pair is expected to find its first resistance at 107.68, and a rise through could take it to the next resistance level of 107.98.

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

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