USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.36% against the JPY and closed at 98.98.
In the economic news, machine tool orders in Japan fell 21.6% (MoM) in March, slower than the 26.4% drop recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 98.97, with the USD trading marginally lower from yesterday’s close.
The Yen weakens as the Bank of Japan’s (BoJ) ambitious monetary policy continues to weigh on the currency. Meanwhile, data revealed that, bank lending in the nation rose 1.6% in March, following 1.5% growth in February.
The pair is expected to find support at 98.56, and a fall through could take it to the next support level of 98.16. The pair is expected to find its first resistance at 99.40, and a rise through could take it to the next resistance level of 99.83.
Markets await the release of domestic corporate goods prices, machinery orders and money supply data from Japan.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
