USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 1.16% against the JPY and closed at 105.9.
On the data front, Japan’s final machine tool orders eased by 19.9% YoY in June, compared to a drop of 24.7% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 105.76, with the USD trading 0.13% lower against the JPY from yesterday’s close.
Earlier today, data indicated that preliminary Nikkei manufacturing PMI rose to a level of 49.0 in July, compared to a level of 48.1 in the prior month.
The pair is expected to find support at 105.03, and a fall through could take it to the next support level of 104.29. The pair is expected to find its first resistance at 106.88, and a rise through could take it to the next resistance level of 107.99.
Moving ahead, Japan’s merchandise trade balance data, due to release in the weekend, will be on investor’s radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
