For the 24 hours to 23:00 GMT, the USD declined 0.57% against the JPY and closed at 109.05.
In the Asian session, at GMT0300, the pair is trading at 108.83, with the USD trading 0.2% lower against the JPY from yesterday’s close.
The pair is expected to find support at 108.40, and a fall through could take it to the next support level of 107.97. The pair is expected to find its first resistance at 109.56, and a rise through could take it to the next resistance level of 110.29.
Moving ahead, market participants will closely monitor Japan’s industrial production data for February, due to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.