USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.06% against the JPY and closed at 110.32.
In the Asian session, at GMT0300, the pair is trading at 110.15, with the USD trading 0.15% lower against the JPY from yesterday’s close.
Data released overnight revealed that Japan’s machinery orders eased 3.9% on a monthly basis in March, more than market expectations for a fall of 3.0%. Machinery orders had climbed 2.1% in the previous month.
The pair is expected to find support at 109.99, and a fall through could take it to the next support level of 109.83. The pair is expected to find its first resistance at 110.36, and a rise through could take it to the next resistance level of 110.57.
Going ahead, Japan’s national consumer price index for April, set to release overnight, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
