For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 105.10.
In the Asian session, at GMT0300, the pair is trading at 105.04, with the USD trading 0.06% lower against the JPY from yesterday’s close.
The pair is expected to find support at 104.77, and a fall through could take it to the next support level of 104.50. The pair is expected to find its first resistance at 105.50, and a rise through could take it to the next resistance level of 105.96.
Moving forward, traders would keep a watch on Japan’s retail trade for June, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.