For the 24 hours to 23:00 GMT, the USD declined 0.23% against the JPY and closed at 106.36.

In the Asian session, at GMT0400, the pair is trading at 106.56, with the USD trading 0.19% higher against the JPY from yesterday’s close.

In economic news, Japan’s tertiary industry index registered a drop of 0.6% on a monthly basis in January, more than market expectations for a fall of 0.3%. In the previous month, the index had registered a revised flat reading.

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The pair is expected to find support at 106.3, and a fall through could take it to the next support level of 106.05. The pair is expected to find its first resistance at 106.77, and a rise through could take it to the next resistance level of 106.99.

Moving ahead, minutes of the Bank of Japan’s January meeting, due to release overnight, will be on investors’ radar.

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


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