USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.10% against the JPY and closed at 102.14.
In the Asian session, at GMT0300, the pair is trading at 102.33, with the USD trading 0.19% higher from yesterday’s close.
This morning, economic data indicated an improved factory activity in Japan, adding to the list of positive GDP and industrial production data released recently. Machinery orders in Japan advanced 14.2% (MoM) in March, following a revised 4.2% recorded in the previous month. Market had expected a rise of 2.8%.
The pair is expected to find support at 101.87, and a fall through could take it to the next support level of 101.41. The pair is expected to find its first resistance at 102.75, and a rise through could take it to the next resistance level of 103.16.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
