For the 24 hours to 23:00 GMT, the USD declined 3.63% against the JPY and closed at 106.15.
In the Asian session, at GMT0400, the pair is trading at 105.76, with the USD trading 0.37% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s overall household spending declined 3.9% on an annual basis in January, less than market expectations and compared to a drop of 4.8% in the previous month.
Earlier in the session, the nation’s leading index unexpectedly fell to a level of 90.3 in January, defying market expectations for a rise to a level of 91.9 and compared to a revised level of 91.0 in the prior month.
The pair is expected to find support at 105.20, and a fall through could take it to the next support level of 104.64. The pair is expected to find its first resistance at 106.88, and a rise through could take it to the next resistance level of 108.00.
Amid a lack of macroeconomic releases in Japan today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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.