USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.16% against the JPY and closed at 105.85.
In economic news, Japan’s final machine tool orders fell 24.7% YoY in May, following a 26.3% drop in the previous month. The preliminary figures had recorded a fall of 25.0%.
In the Asian session, at GMT0300, the pair is trading at 104.80, with the USD trading 0.99% lower against the JPY from yesterday’s close.
Early this morning, the Bank of Japan (BoJ) held the key interest rate steady at -0.1% and maintained its massive stimulus programme intact at ¥80.0 trillion, as the central bank policymakers chose to review the future impact of negative interest rate in Japan.
The pair is expected to find support at 104.10, and a fall through could take it to the next support level of 103.40. The pair is expected to find its first resistance at 105.94, and a rise through could take it to the next resistance level of 107.08.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
