USD/JPY: Japanese yen trading lower in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose slightly against the JPY and closed at 110.89.

On the data front, Japan’s flash machine tool orders climbed 11.4% on an annual basis in June, compared to a rise of 14.9% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 111.08, with the USD trading 0.17% higher against the JPY from yesterday’s close.

Overnight data revealed that the nation’s machinery orders fell 3.7% on a monthly basis in May, less than market anticipations for a drop of 4.9%. In the prior month, machinery orders had recorded a rise of 10.1%.

The pair is expected to find support at 110.78, and a fall through could take it to the next support level of 110.49. The pair is expected to find its first resistance at 111.36, and a rise through could take it to the next resistance level of 111.65.

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

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