USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.50% against the JPY and closed at 113.71.
In the Asian session, at GMT0400, the pair is trading at 113.86, with the USD trading 0.13% higher from Friday’s close.
Overnight data showed that Japan’s machinery orders advanced above expectations by 15.0% MoM in January, its second consecutive increase, compared to a rise of 4.2% in the previous month, and against investor expectations for it to climb by 1.9%.
The pair is expected to find support at 113.30, and a fall through could take it to the next support level of 112.75. The pair is expected to find its first resistance at 114.22, and a rise through could take it to the next resistance level of 114.58.
Moving ahead, investors will look forward to the BoJ’s interest rate decision, scheduled to be announced in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
