USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 100.45.
In economic news, Japan’s Eco Watchers survey for current situation unexpectedly dropped to 41.2 in June, after recording a reading of 43.0 in the prior month while markets expected it to rise to a level of 43.1. Also, the nation’s Eco Watchers survey for future outlook fell more-than-anticipated to 41.5 in June, after recording a level of 47.3 in the previous month and compared to market expectations for a fall to a level of 46.7.
In the Asian session, at GMT0300, the pair is trading at 100.67, with the USD trading 0.22% higher against the YEN from Friday’s close.
Overnight data indicated that Japan’s machine orders unexpectedly fell for the second straight month by 1.4% MoM in May, following a drop of 11.0% in the prior month while markets expected it to rise by 3.2%.
The pair is expected to find support at 100.05, and a fall through could take it to the next support level of 99.42. The pair is expected to find its first resistance at 101.27, and a rise through could take it to the next resistance level of 101.86.
Moving ahead, investors will keep a close watch on Japan’s flash machine tool orders for June, scheduled to be released in a few hours.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
