For the 24 hours to 23:00 GMT, the USD rose 0.2% against the JPY and closed at 106.30.
In the Asian session, at GMT0400, the pair is trading at 106.74, with the USD trading 0.41% higher against the JPY from yesterday’s close.
The Japanese Yen declined against the USD, amid increased risk appetite among investors, on the back of news that the North Korean leader, Kim Jong Un offered to stop nuclear tests and the US President, Donald Trump agreed to meet the North Korean leader by May 2018.
Earlier in the session, the Bank of Japan (BoJ), at its March monetary policy meeting, voted 8-1 to maintain the key interest rate unchanged at -0.1% and its target for 10-year Japanese government bond yields at around zero. Further, the central bank stuck to its upbeat view on the Japanese economy, signalling its conviction that a robust economic recovery will gradually fuel inflation towards its 2.0% target.
The pair is expected to find support at 106.11, and a fall through could take it to the next support level of 105.47. The pair is expected to find its first resistance at 107.16, and a rise through could take it to the next resistance level of 107.57.
Going ahead, investors would closely monitor the BoJ’s meeting minutes along with Japan’s final industrial production and the tertiary industry index, all due to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.