USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the JPY and closed at 108.22.
Data indicated that Japan’s final machine tool orders plunged 37.9% on an annual basis in June, following a drop of 27.3% in the prior month. The preliminary figures had recorded a fall of 38.0%.
The International Monetary Fund lowered Japan’s economic growth forecast to 0.9% in 2019 and 0.4% in 2020, citing the country’s recent move to raise consumption tax in October.
In the Asian session, at GMT0300, the pair is trading at 108.16, with the USD trading 0.06% lower against the JPY from yesterday’s close.
Overnight data revealed that the nation’s Nikkei manufacturing PMI advanced to a level of 49.6 in June, following a reading of 49.3 in the preceding month.
The pair is expected to find support at 108.00, and a fall through could take it to the next support level of 107.85. The pair is expected to find its first resistance at 108.30, and a rise through could take it to the next resistance level of 108.45.
Trading trend in the Japanese Yen today, is expected to be determined by Japan’s coincident index and leading index for May, set to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
