USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.08% against the JPY and closed at 123.49.
Yesterday, data showed that machine tool orders in Japan rose 15.0% YoY in May, compared to a similar increase registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 123.13, with the USD trading 0.29% lower from yesterday’s close.
The pair is expected to find support at 122.65, and a fall through could take it to the next support level of 122.17. The pair is expected to find its first resistance at 124.03, and a rise through could take it to the next resistance level of 124.93.
Meanwhile, the BoJ’s monetary policy statement, scheduled in the early hours tomorrow would generate lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
