USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.60% against the JPY and closed at 97.51.
In the Asian session, at GMT0300, the pair is trading at 97.71, with the USD trading 0.21% higher from yesterday’s close. Earlier today, an official report showed that Japan’s machinery orders surged 5.4% (MoM) in August, surpassing market expectation for a 2.5% rise and following the flat reading in July. Also Japan’s tertiary industry index advanced 0.7% (MoM) in August, more than analysts’ call for a rise to 0.5% from a 0.4% drop registered in the preceding month.
The pair is expected to find support at 97.29, and a fall through could take it to the next support level of 96.86. The pair is expected to find its first resistance at 97.97, and a rise through could take it to the next resistance level of 98.22.
Ahead today, traders would keep a tab on the Bank of Japan (BoJ) Governor, Haruhiko Kuroda’s speech.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
