USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.61% against the JPY and closed at 110.69.
On the data front, Japan’s final machine tool orders sank 29.3% on an annual basis in February, confirming the preliminary print and following a decline of 18.8% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 110.47, with the USD trading 0.20% lower against the JPY from yesterday’s close.
The pair is expected to find support at 110.08, and a fall through could take it to the next support level of 109.69. The pair is expected to find its first resistance at 111.24, and a rise through could take it to the next resistance level of 112.01.
Looking ahead, traders would await Japan’s national consumer price index for February and the Nikkei manufacturing PMI for March, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
