USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.2% against the JPY and closed at 114.18.
In the Asian session, at GMT0400, the pair is trading at 113.80, with the USD trading 0.34% lower from yesterday’s close.
Overnight data showed that, Japan’s machine orders rose less-than-expected by 4.2% MoM in December, from a drop of 14.4% in the preceding month and compared to market expectations for a rise of 4.4%.
The pair is expected to find support at 113.30, and a fall through could take it to the next support level of 112.80. The pair is expected to find its first resistance at 114.59, and a rise through could take it to the next resistance level of 115.39.
Moving ahead, investors will look forward to Japan’s adjusted merchandise trade balance data for January, scheduled to be released overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
