USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 111.86.
In economic news, Japan’s final machine tool orders tanked 28.5% on an annual basis in March, confirming the preliminary print. In the preceding month, machine tool orders had recorded a decline of 29.3%.
In the Asian session, at GMT0300, the pair is trading at 111.87, with the USD trading slightly higher against the JPY from yesterday’s close.
The pair is expected to find support at 111.74, and a fall through could take it to the next support level of 111.62. The pair is expected to find its first resistance at 112.01, and a rise through could take it to the next resistance level of 112.16.
Looking ahead, traders would await the Bank of Japan’s April interest rate decision slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
