USD/JPY: Japan’s machinery orders rebounded in February


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.96% against the JPY and closed at 109.67.

On the data front, Japan’s flash machine tool orders rose 22.6% on an annual basis in March. In the previous month, machine tool orders had advanced 9.1%.

In the Asian session, at GMT0300, the pair is trading at 109.47, with the USD trading 0.18% lower against the JPY from yesterday’s close.

Overnight data indicated that the nation’s machinery orders rebounded 1.5% MoM in February, less than market expectations for a rise of 3.6% and following a drop of 3.2% in the preceding month.

The pair is expected to find support at 108.94, and a fall through could take it to the next support level of 108.41. The pair is expected to find its first resistance at 110.39, and a rise through could take it to the next resistance level of 111.31.

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

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