USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.53% against the JPY and closed at 107.31.
On the data front, Japan’s final machine tool orders recorded a rise of 48.8% on an annual basis in January, confirming the preliminary print. In the prior month, machine tool orders had recorded a rise of 48.3%.
In the Asian session, at GMT0400, the pair is trading at 107.81, with the USD trading 0.47% higher against the JPY from yesterday’s close.
The Japanese Yen lost ground against the USD, after overnight data showed that Japan’s flash Nikkei manufacturing PMI eased to a level of 54.0 in February, declining for the first time in 4 months. In the previous month, the PMI had recorded a level of 54.8.
Earlier in the session, data indicated that the nation’s all industry activity index rose 0.5% on a monthly basis in December, topping market expectations for a rise of 0.4%. In the previous month, the all industry activity index had advanced 1.0%.
The pair is expected to find support at 107.05, and a fall through could take it to the next support level of 106.30. The pair is expected to find its first resistance at 108.23, and a rise through could take it to the next resistance level of 108.66.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
