USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 102.44.
In the Asian session, at GMT0300, the pair is trading at 102.59, with the USD trading 0.14% higher from yesterday’s close.
Earlier today, machinery orders in Japan advanced 8.8% in June, on monthly basis, lesser than market expectations for a rise of 15.3%. Machinery orders had dropped 19.5% in the previous month. Meanwhile, the foreign investors have remained net buyers of ¥584.9 billion worth of Japanese stocks and ¥196.8 billion worth of Japanese bonds in the week ended 08 August 2014. Elsewhere, Japanese investors have remained net buyers of ¥232.6 billion worth of foreign bonds in the week ended 08 August 2014, from being net buyers of ¥899.0 billion worth of foreign bonds in the previous week..
The pair is expected to find support at 102.32, and a fall through could take it to the next support level of 102.05. The pair is expected to find its first resistance at 102.76, and a rise through could take it to the next resistance level of 102.94.
Amid lack of economic releases from Japan today, investor sentiment would look at global events/news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
