USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.86% against the JPY and closed at 121.75.
In economic news, Japan’s machine tool orders advanced 6.6% on an annual basis in June, compared to a rise of 15.0% in the previous month.
Yesterday, the IMF downgraded Japan’s growth projection for 2015 to 0.8%, reduced by 0.2%. However, it maintained the nation’s growth forecast unchanged from its earlier projection of 1.2% in 2016.
In the Asian session, at GMT0300, the pair is trading at 122.00, with the USD trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 121.31, and a fall through could take it to the next support level of 120.62. The pair is expected to find its first resistance at 122.37, and a rise through could take it to the next resistance level of 122.74.
Moving ahead, investors would closely monitor Japan’s consumer confidence index data, set for release in a few hours.
The currency pair is trading above with its 20 Hr and 50 Hr moving averages.
