USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.24% against the JPY and closed at 101.18.
Yesterday, machine tool orders in Japan retreated 12.4% (YoY) in June, faster compared to a 7.4% drop reported in the previous month.
In the Asian session, at GMT0300, the pair is trading at 101.00, with the USD trading 0.18% lower from yesterday’s close.
Data released this morning indicated that domestic corporate goods price index in Japan rose 0.1% (MoM) in June, while the tertiary industry index advanced 1.2% (MoM) in May, compared to a downwardly revised 0.5% drop recorded in April.
The pair is expected to find support at 100.78, and a fall through could take it to the next support level of 100.56. The pair is expected to find its first resistance at 101.26, and a rise through could take it to the next resistance level of 101.53.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
