USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.11% against the JPY and closed at 107.02.
In economic news, Japan’s preliminary machine tool orders dropped 25.0% YoY in May, following a 26.3% decline in the previous month.
In the Asian session, at GMT0300, the pair is trading at 107.14, with the USD trading 0.11% higher against JPY from yesterday’s close.
This morning, data showed that, Japan’s tertiary industry index rose above expectations by 1.4% MoM in April, after registering a decline of 0.7% in the previous month.
The pair is expected to find support at 106.5, and a fall through could take it to the next support level of 105.87. The pair is expected to find its first resistance at 107.51, and a rise through could take it to the next resistance level of 107.89.
Moving ahead, investors will look forward to the Bank of Japan’s (BoJ) interest rate decision along with Japan’s industrial production data for April, both scheduled for release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
