USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.47% against the JPY and closed at 109.04.
In economic news, Japan’s preliminary machine tool orders declined further by 26.4% YoY in April, following a 21.2% fall in the previous month.
In the Asian session, at GMT0300, the pair is trading at 108.88, with the USD trading 0.15% lower from yesterday’s close.
Early this morning, data showed that Japan’s final industrial production advanced more-than-expected by 3.8% MoM in March, compared to investor expectations for a 3.6% rise. The preliminary data had recorded a rise of 3.6%.
The pair is expected to find support at 108.63, and a fall through could take it to the next support level of 108.37. The pair is expected to find its first resistance at 109.12, and a rise through could take it to the next resistance level of 109.35.
Moving ahead, market participants will look forward to the release of Japan’s preliminary Q1 GDP data, due overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
