USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.58% against the JPY and closed at 113.31.
On the economic front, preliminary machine tool orders in Japan declined for the seventh consecutive month by 22.6% YoY in February, following a drop of 17.2% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 113.75, with the USD trading 0.39% higher from yesterday’s close.
The pair is expected to find support at 112.72, and a fall through could take it to the next support level of 111.68. The pair is expected to find its first resistance at 114.30, and a rise through could take it to the next resistance level of 114.85.
Moving ahead, investors will look forward to Japan’s BSI large manufacturing index data for 1Q 2016, scheduled to be released overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
