In the 24 hours to 23:00 GMT, the USD fell 2.82% against the JPY and closed at 107.04.
In the Asian session at GMT0300, the pair traded at 106.91, with the USD trading 0.12% lower against the JPY from yesterday’s close.
The pair is expected to find support of 106.68, and a fall through may lead to the next support level of 106.44. The pair is expected to find its first resistance of 107.21, and a rise through it can lead to the next resistance level of 107.50.
Going forward, traders would keep an eye on Japan’s April producer price index, which is due for release overnight.
The currency pair trades below its moving averages of 20 hr and 50 hr.