For the 24 hours to 23:00 GMT, the USD declined 0.98% against the JPY and closed at 109.20.
In the Asian session, at GMT0400, the pair is trading at 109.04, with the USD trading 0.15% lower against the JPY from yesterday’s close.
The pair is expected to find support at 108.61, and a fall through could take it to the next support level of 108.18. The pair is expected to find its first resistance at 109.78, and a rise through could take it to the next resistance level of 110.52.
Looking forward, market participants would keep a close watch on the minutes of the Bank of Japan’s (BoJ) policy meeting as well as Japan’s inflation figures, both due to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.