USD/JPY: Japanese Yen trading higher in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.25% against the JPY and closed at 113.63.

On the data front, Japan’s preliminary machine tool orders climbed 34.7% on an annual basis in April, after recording a rise of 22.8% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 113.42, with the USD trading 0.18% lower against the JPY from yesterday’s close.

Earlier in the session, the nation’s tertiary industry index surprisingly dropped 0.2% on a monthly basis in March, compared to a gain of 0.2% in the preceding month, while markets expected for a gain of 0.1%.

The pair is expected to find support at 113.15, and a fall through could take it to the next support level of 112.88. The pair is expected to find its first resistance at 113.77, and a rise through could take it to the next resistance level of 114.12.

Going ahead, traders would focus on Japan’s industrial production for March, slated to release tomorrow.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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