USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the JPY and closed at 109.71.
In economic news, Japan’s preliminary machine tool orders climbed 22.0% on an annual basis in April, compared to a rise of 28.1% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 109.71, with the USD trading flat against the JPY from yesterday’s close.
Earlier today, data indicated that Japan’s tertiary industry index retreated 0.3% on a monthly basis in March, more than market expectations for a fall of 0.2%. In the prior month, the index had registered a revised rise of 0.1%.
The pair is expected to find support at 109.38, and a fall through could take it to the next support level of 109.06. The pair is expected to find its first resistance at 109.91, and a rise through could take it to the next resistance level of 110.12.
Going ahead, investors would look forward to Japan’s flash 1Q GDP numbers, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
