USD/JPY: Japanese machinery orders unexpectedly rose in August


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 113.02.

In the Asian session, at GMT0300, the pair is trading at 113.02, with the USD trading flat against the JPY from yesterday’s close.

In the economic news, Japan’s machinery orders surprisingly climbed 6.8% on a monthly basis in August, following an advance of 11.0% in the previous month. Market participants had anticipated machinery orders to drop 3.9%.

The pair is expected to find support at 112.80, and a fall through could take it to the next support level of 112.57. The pair is expected to find its first resistance at 113.32, and a rise through could take it to the next resistance level of 113.61.

Trading trend in the Japanese Yen today is expected to be determined by Japan’s machine tool orders for September, due to be released in a while.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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