USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the JPY and closed at 108.84.
On the data front, Japan’s final machine tool orders climbed 28.1% on an annual basis in March, confirming the preliminary print. In the previous month, machine tool orders had registered a rise of 39.5%.
Other data showed that Japan’s final leading economic index climbed to a level of 106.0 in February, higher than a flash estimate indicating a rise to a level of 105.8. The index had registered a reading of 105.6 in the prior month. Also, the nation’s final coincident index rose more than initially estimated to a level of 116.1 in February, while the preliminary figures had indicated an advance to a level of 115.6. The index had registered a level of 114.9 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 108.91, with the USD trading 0.06% higher against the JPY from yesterday’s close.
Early morning data indicated that Japan’s all industry activity index advanced 0.4% on a monthly basis in February, meeting market expectations. The index had fallen by a revised 1.1% in the preceding month.
The pair is expected to find support at 108.57, and a fall through could take it to the next support level of 108.22. The pair is expected to find its first resistance at 109.23, and a rise through could take it to the next resistance level of 109.54.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
