For the 24 hours to 23:00 GMT, the USD declined 0.30% against the JPY and closed at 111.15.
In the Asian session, at GMT0300, the pair is trading at 111.18, with the USD trading slightly higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s machinery orders climbed 1.8% on a monthly basis in February, rising for the first time in four months and compared to a fall of 5.4% in the preceding month. Market participants had envisaged machinery orders to record a gain of 2.8%.
The pair is expected to find support at 110.98, and a fall through could take it to the next support level of 110.77. The pair is expected to find its first resistance at 111.39, and a rise through could take it to the next resistance level of 111.59.
Trading trend in the Japanese Yen today, is expected to be determined by Japan’s machine tool orders for March, set to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.