USD/JPY: Japan’s machine tool orders tumbled in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 110.95.

Data showed that Japan’s flash machine tool orders sank 28.5% on a yearly basis in March, compared to a fall of 29.3% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 111.07, with the USD trading 0.11% higher against the JPY from yesterday’s close.

The pair is expected to find support at 110.85, and a fall through could take it to the next support level of 110.62. The pair is expected to find its first resistance at 111.29, and a rise through could take it to the next resistance level of 111.50.

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

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