USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.41% against the JPY and closed at 117.94.
In the Asian session, at GMT0400, the pair is trading at 118.05, with the USD trading 0.09% higher from yesterday’s close.
Overnight data indicated that Japan’s machine orders retreated more than expected 6.4% on a monthly basis in October, against market expectations of 1.7% decline and following an advance of 2.9% registered in September. Additionally, the nation’s tertiary industry index eased 0.2% on a MoM basis in October, in line with market expectations and after registering a rise of 1.3% in the preceding month.
The pair is expected to find support at 117.13, and a fall through could take it to the next support level of 116.21. The pair is expected to find its first resistance at 119.28, and a rise through could take it to the next resistance level of 120.51.
Looking ahead, investors would monitor Japan’s industrial production data, scheduled for tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
