USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.37% against the JPY and closed at 112.41.
In the economic news, Japan’s final machine tool orders climbed 2.9% on an annual basis in September, compared to a gain of 5.1% in the previous month. The preliminary figures had indicated a rise of 2.8%.
In the Asian session, at GMT0300, the pair is trading at 112.54, with the USD trading 0.12% higher against the JPY from yesterday’s close.
Overnight data revealed that the nation’s Nikkei flash manufacturing PMI advanced to a level of 53.1 in October, expanding at its quickest pace in six months and supported by rise in new export orders. In the preceding month, the PMI had recorded a reading of 52.5.
The pair is expected to find support at 112.12, and a fall through could take it to the next support level of 111.70. The pair is expected to find its first resistance at 112.80, and a rise through could take it to the next resistance level of 113.06.
Looking forward, investors would await Japan’s coincident index and leading index, both for August, set to release in a while.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
