USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.32% against the JPY and closed at 122.82.
In economic news, Japan’s flash machine tool orders declined 23.1% YoY in October, after recording a 19.1% drop in the previous month.
In the Asian session, at GMT0400, the pair is trading at 122.89, with the USD trading marginally higher from yesterday’s close.
Overnight data showed that Japan’s machinery orders rose more-than-expected by 7.5% MoM in September, registering its first increase in four months, after falling by 5.7% in the previous month. Investors had expected it to rise 3.3%.
The pair is expected to find support at 122.68, and a fall through could take it to the next support level of 122.46. The pair is expected to find its first resistance at 123.16, and a rise through could take it to the next resistance level of 123.43.
Going forward, investors would concentrate on Japan’s industrial production data, scheduled in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
