USD/JPY: Japan’s machine orders surged more than estimated in April


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.19% against the JPY and closed at 109.47 on Friday.

In the Asian session, at GMT0300, the pair is trading at 109.72, with the USD trading 0.23% higher against the USD from Friday’s close.

On the macro front, Japan’s machinery orders rebounded by 10.1% on a monthly basis in April, more than market expectations for a gain of 2.4%. Machinery orders had registered a fall of 3.9% in the previous month.

The pair is expected to find support at 109.34, and a fall through could take it to the next support level of 108.97. The pair is expected to find its first resistance at 109.95, and a rise through could take it to the next resistance level of 110.19.

Moving forward, traders would closely monitor the release of Japan’s machine tool orders, scheduled to release in a while.

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

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