USD/JPY: Japanese Yen trading on a stronger footing this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.76% against the JPY and closed at 110.00.

On the economic front, Japan’s final machine tool orders climbed 22.0% on a yearly basis in April, confirming the preliminary print. Machine tool orders had advanced 28.1% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 109.61, with the USD trading 0.35% lower against the JPY from yesterday’s close.

The Japanese Yen advanced against the USD, as investors lured to the safe-haven currency after the US President, Donald Trump, announced that he is considering imposing as much as 25.0% tariffs on import cars.

The pair is expected to find support at 109.19, and a fall through could take it to the next support level of 108.78. The pair is expected to find its first resistance at 110.28, and a rise through could take it to the next resistance level of 110.96.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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