USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.28% against the JPY and closed at 112.87.
On the macro front, Japan’s final machine tool orders advanced 46.8% on an annual basis in November, revised lower from a preliminary print that had indicated a rise of 46.9%. Machine tool orders had climbed 49.8% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 112.93, with the USD trading slightly higher against the JPY from yesterday’s close.
Data released overnight showed that the nation’s all industry activity index rebounded 0.3% on a monthly basis in October, at par with market expectations. The index had recorded a drop of 0.5% in the previous month.
The pair is expected to find support at 112.60, and a fall through could take it to the next support level of 112.27. The pair is expected to find its first resistance at 113.17, and a rise through could take it to the next resistance level of 113.41.
Going ahead, investors would closely monitor the Bank of Japan’s (BoJ) monetary policy decision, due to be announced in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
