USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the JPY and closed at 108.67.
On data front, Japan’s flash machine tool orders dropped for the third consecutive month by 18.3% on an annual basis in December, compared to a decline of 17.0% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 108.53, with the USD trading 0.13% lower against the JPY from yesterday’s close.
Overnight data revealed that the nation’s machinery orders advanced 0.8% on an annual basis in November, higher than market consensus for a rise of 0.2%. In the prior month, machinery orders had recorded a climb of 4.5%.
The pair is expected to find support at 108.32, and a fall through could take it to the next support level of 108.10. The pair is expected to find its first resistance at 108.76, and a rise through could take it to the next resistance level of 108.98.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
