USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.45% against the JPY and closed at 118.15.
In economic news, Japan’s preliminary machine tool orders dropped further by 25.8% YoY in December, following a decline of 17.7% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 117.86, with the USD trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 117.33, and a fall through could take it to the next support level of 116.81. The pair is expected to find its first resistance at 118.33, and a rise through could take it to the next resistance level of 118.81.
Moving ahead, market participants will look forward to Japan’s industrial production, Nikkei manufacturing PMI and all industry activity index, scheduled to be released next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
