USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.17% against the JPY and closed at 109.92.
In economic news, Japan’s final machine tool orders declined by 26.3% YoY in April, following a 21.2% drop in the previous month. The preliminary figures had recorded a fall of 26.4%.
In the Asian session, at GMT0300, the pair is trading at 110.00, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 109.66, and a fall through could take it to the next support level of 109.33. The pair is expected to find its first resistance at 110.35, and a rise through could take it to the next resistance level of 110.71.
With no major economic releases in Japan today, investors will look forward to the nation’s manufacturing PMI, merchandise trade balance, and consumer prices data, scheduled to release on Monday.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
