USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.20% against the JPY and closed at 121.10.
In economic news, machine tool orders in Japan registered a rise of 28.9% YoY in February, up from previous month’s level of 20.4%.
In the Asian session, at GMT0400, the pair is trading at 121.41, with the USD trading 0.25% higher from yesterday’s close.
Overnight data revealed that the nation’s machine orders dropped 1.7% on a monthly basis in January, lower than market expected 4.0% fall. It had risen 8.3% in the previous month.
The pair is expected to find support at 120.82, and a fall through could take it to the next support level of 120.24. The pair is expected to find its first resistance at 122.02, and a rise through could take it to the next resistance level of 122.63.
Going forward, market participants would concentrate on Japan’s BSI large manufacturing and tertiary industry index data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
