USD/JPY: Japan’s machine tool orders declined in January


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 110.45.

On the macro front, Japan’s flash machine tool orders declined 18.8% on an annual basis in January, following a fall of 18.3% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 110.65, with the USD trading 0.18% higher against the JPY from yesterday’s close.

The pair is expected to find support at 110.43, and a fall through could take it to the next support level of 110.22. The pair is expected to find its first resistance at 110.78, and a rise through could take it to the next resistance level of 110.92.

Looking forward, investors would closely monitor Japan’s gross domestic product for Q4, slated to release overnight.

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

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