USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.43% against the JPY and closed at 111.80.
On macro front, Japan’s final machine tool orders rose 34.7% YoY in April, meeting the initial estimates.
In the Asian session, at GMT0300, the pair is trading at 111.89, with the USD trading 0.08% higher against the JPY from yesterday’s close.
Meanwhile, Bank of Japan (BoJ) Governor, Haruhiko Kuroda, stated that uncertainty about the natural interest rate is making it difficult for central bankers to steer policy. He further commented that the natural rate of interest has been falling globally, which has led central banks to adopt unconventional economic policies.
The pair is expected to find support at 111.2, and a fall through could take it to the next support level of 110.52. The pair is expected to find its first resistance at 112.28, and a rise through could take it to the next resistance level of 112.68.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
