USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.53% against the JPY and closed at 109.81.
In economic news, Japan’s final machine tool orders declined by 21.2% YoY in March. The preliminary figure had also indicated a fall of 21.2%.
In the Asian session, at GMT0300, the pair is trading at 109.69, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 109.00, and a fall through could take it to the next support level of 108.31. The pair is expected to find its first resistance at 110.14, and a rise through could take it to the next resistance level of 110.60.
Moving ahead, market participants will look forward to the release of Japan’s preliminary Nikkei manufacturing PMI and the tertiary industry index data, scheduled for release in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
