USD/JPY: Japanese Yen reverses its gains in the Asian session

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 2.35% against the JPY and closed at 107.56.

In the Asian session, at GMT0300, the pair is trading at 107.70, with the USD trading 0.13% higher against the JPY from yesterday’s close.

The pair is expected to find support at 107.47, and a fall through could take it to the next support level of 107.25. The pair is expected to find its first resistance at 107.84, and a rise through could take it to the next resistance level of 107.99.

Moving forward, traders would keep a watch on Japan’s Jibun Bank services PMI for May, slated to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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