For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 107.21.

In the Asian session, at GMT0300, the pair is trading at 107.06, with the USD trading 0.14% lower against the JPY from yesterday’s close.

Overnight data showed that Japan’s producer price index dropped 1.6% on a yearly basis in June, less than market expectations for a drop of 1.9% and compared to a revised rise of 2.8% in the previous month.

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The pair is expected to find support at 106.91, 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 107.30, and a rise through could take it to the next resistance level of 107.55.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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