For the 24 hours to 23:00 GMT, the USD declined 0.10% against the JPY and closed at 107.25.
In the Asian session, at GMT0300, the pair is trading at 107.2, with the USD trading 0.05% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s national consumer price index rose 0.1% on an annual basis in June, compared to a similar rise in the previous month.
The pair is expected to find support at 107.02, and a fall through could take it to the next support level of 106.85. The pair is expected to find its first resistance at 107.39, and a rise through could take it to the next resistance level of 107.59.
Going forward, traders would keep an eye on Japan’s Jibun Bank manufacturing PMI for July, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.