USD/JPY: Japanese Yen trading on a stronger footing this morning

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 1.55% against the JPY and closed at 108.44.

In the Asian session, at GMT0300, the pair is trading at 108.14, with the USD trading 0.28% lower against the JPY from yesterday’s close.

The pair is expected to find support at 107.51, and a fall through could take it to the next support level of 106.89. The pair is expected to find its first resistance at 109.17, and a rise through could take it to the next resistance level of 110.21.

Looking forward, traders would keep a watch on Japan’s producer price index for May, slated to release overnight.

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

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