In the 24 hours to 23:00 GMT, the USD fell 1.06% against the JPY and closed at 108.98.
In the Asian session at GMT0300, the pair traded at 108.87, with the USD trading 0.10% lower against the JPY from yesterday’s close.
The couple is expected to find support at 1 p.m. 108.52 and a fall through may lead it to the next support level of 108.17. The pair is expected to find its first resistance at 109.13, and a rise through it could lead to the next resistance level of 109.39.
Looking ahead, traders would keep an eye on Japan’s April total household spending, slated to release overnight.
The currency pair shows convergence with the moving average of 20 hours and trading above the moving average of 50 hr.