USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.17% against the JPY and closed at 103.46.
In economic news, Japan’s Eco Watchers survey for current situation index unexpectedly dropped to a level of 44.8 in September, highlighting that investors are getting more pessimistic over the health of the nation’s economy. Markets had envisaged the index to rise to a level of 45.8, compared to a reading of 45.6 in the prior month. On the other hand, the nation’s Eco Watchers survey for future outlook index advanced more-than-anticipated to a level of 48.5 in September, compared to a level of 47.4 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 103.45, with the USD trading marginally lower against the JPY from yesterday’s close.
Earlier today, data showed that, Japan’s machinery orders declined less-than-expected by 2.2% on a monthly basis in August, dropping for the first time in three months amid sluggish growth. Machinery orders recorded a gain of 4.9% in the prior month while markets expected for a fall of 4.6%.
The pair is expected to find support at 103.04, and a fall through could take it to the next support level of 102.62. The pair is expected to find its first resistance at 103.97, and a rise through could take it to the next resistance level of 104.48.
Investors would await the release of Japan’s flash machine tool orders data for September, scheduled to release in some time.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
