For the 24 hours to 23:00 GMT, the USD declined 0.79% against the JPY and closed at 107.84.
In the Asian session, at GMT0400, the pair is trading at 106.87, with the USD trading 0.9% lower against the JPY from yesterday’s close.
Overnight data revealed that Japan’s preliminary gross domestic product (GDP) climbed 0.1% on a quarterly basis in the October to December 2017 period, falling short of market expectations for a rise of 0.2%. In the previous quarter, GDP had risen 0.6%.
The pair is expected to find support at 106.24, and a fall through could take it to the next support level of 105.6. The pair is expected to find its first resistance at 108.12, and a rise through could take it to the next resistance level of 109.36.
Going ahead, traders would look forward to Japan’s machinery orders and final industrial production data, both for December, slated to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.