USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.41% against the JPY and closed at 122.89.
In the Asian session, at GMT0400, the pair is trading at 122.81, with the USD trading marginally lower from yesterday’s close.
Overnight data showed that machine orders in Japan surprisingly advanced 10.7% MoM in October, rising for the second consecutive month and defying investor expectations for a 1.5% decline. During the previous month, machinery orders had registered a 7.5% increase.
The pair is expected to find support at 122.62, and a fall through could take it to the next support level of 122.42. The pair is expected to find its first resistance at 123.10, and a rise through could take it to the next resistance level of 123.39.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
