For the 24 hours to 23:00 GMT, the USD declined 1.69% against the JPY and closed at 108.29.
In the Asian session, at GMT0400, the pair is trading at 107.98, with the USD trading 0.29% lower against the JPY from yesterday’s close.
The pair is expected to find support at 107.39, and a fall through could take it to the next support level of 106.81. The pair is expected to find its first resistance at 108.57, and a rise through could take it to the next resistance level of 109.17.
Looking forward, traders would direct their attention to Japan’s Jibun Bank services PMI for February, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
Roz has been engaged in the financial markets since 2017, specializing in Foreign Exchange, Before joining to FOREX IN WORLD she start to learn forex trading related information.