USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.48% against the JPY and closed at 120.71.
In economic news, Japan’s Eco watchers survey for the current situation dropped to 51.00, in June, compared to a reading of 53.30 in the prior month, while the future outlook index eased to a level of 53.50 in June, from prior month’s 54.50.
In the Asian session, at GMT0300, the pair is trading at 121.11, with the USD trading 0.33% higher from yesterday’s close.
Overnight data showed that machine orders in Japan unexpectedly rose 0.6% MoM in May, following a rise of 3.8% in the previous month, while markets expected it to fall 4.9%.
The pair is expected to find support at 120.26, and a fall through could take it to the next support level of 119.42. The pair is expected to find its first resistance at 122.11, and a rise through could take it to the next resistance level of 123.11.
Going forward, investors would monitor Japan’s machine tool orders data, set for release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
