For the 24 hours to 23:00 GMT, the USD declined 0.25% against the JPY and closed at 112.38.
Macroeconomic data indicated that Japan’s Eco-Watchers Survey for the future outlook dropped less-than-expected to a level of 51.0 in September, compared to a reading of 51.1 in the previous month, while markets were expecting it to ease to a level of 50.5. On the contrary, the nation’s Eco-Watchers Survey for the current situation advanced to a level of 51.3 in September, compared to a level of 49.7 in the previous month and beating market expectations for an advance to a level of 50.2.
In the Asian session, at GMT0300, the pair is trading at 112.45, with the USD trading 0.06% higher against the JPY from yesterday’s close.
Overnight data revealed that Japan’s machinery orders rebounded 4.4% on an annual basis in August, compared to a drop of 7.5% in the previous month and surpassing market consensus for a gain of 0.7%.
The pair is expected to find support at 112.05, and a fall through could take it to the next support level of 111.66. The pair is expected to find its first resistance at 112.78, and a rise through could take it to the next resistance level of 113.12.
Looking ahead, investors would eye Japan’s tertiary industry index for August, due to release tomorrow.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.