USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 111.31.
In the Asian session, at GMT0400, the pair is trading at 111.25, with the USD trading 0.05% lower against the JPY from yesterday’s close.
Overnight data showed that, Japan’s machinery orders eased 2.9% on a yearly basis in January, declining at its quickest pace in four months and more than market expectations for a fall of 2.1%. In the prior month, machinery orders had recorded a climb of 0.9%.
The pair is expected to find support at 111.08, and a fall through could take it to the next support level of 110.92. The pair is expected to find its first resistance at 111.44, and a rise through could take it to the next resistance level of 111.64.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
