USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.33% against the JPY and closed at 111.24.
In the Asian session, at GMT0300, the pair is trading at 111.36, with the USD trading 0.11% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s machinery orders rebounded 11.0% on a monthly basis in July, rising for the first time in three-months and beating market expectations for an advance of 5.5%. In the prior month, machinery orders had recorded a drop of 8.8%.
The pair is expected to find support at 111.12, and a fall through could take it to the next support level of 110.89. The pair is expected to find its first resistance at 111.59, and a rise through could take it to the next resistance level of 111.83.
Trading trend in the Japanese Yen is expected to be determined by Japan’s industrial production for July, scheduled to release early morning tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
