USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.15% against the JPY and closed at 106.01. The Japanese currency gained ground after, Japan’s machine tool orders advanced 34.7% on an annual basis in September, after it had risen 35.5% in August.
In the Asian session, at GMT0300, the pair is trading at 106.02, with the USD trading flat from yesterday’s close.
Earlier today, the BoJ Governor, Haruhiko Kuroda reiterated that a weaker Yen is positive for the Japanese economy as it would help the nation’s exports to pick up.
The pair is expected to find support at 104.97, and a fall through could take it to the next support level of 103.93. The pair is expected to find its first resistance at 107.29, and a rise through could take it to the next resistance level of 108.55.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
