USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 95.95.
On the economic front, machine tool orders in Japan dropped 29.8% (YoY) in February, following a 21.5% drop initially estimated.
In the Asian session, at GMT0400, the pair is trading at 96.21, with the USD trading 0.27% higher from yesterday’s close.
This morning, Japan’s upper house of parliament confirmed Haruhiko Kuroda as the new Governor of the Bank of Japan, cementing expectations that the central bank will soon adopt aggressive monetary easing to beat deflation.
The pair is expected to find support at 95.73, and a fall through could take it to the next support level of 95.24. The pair is expected to find its first resistance at 96.65, and a rise through could take it to the next resistance level of 97.09.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
