USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 113.56.
In the Asian session, at GMT0400, the pair is trading at 113.30, with the USD trading 0.23% lower against the JPY from yesterday’s close.
On the economic front, Japan’s machinery orders rebounded 5.0% on a monthly basis in October, beating market expectations for a rise of 2.9%. Machinery orders had fallen 8.10% in the previous month.
The pair is expected to find support at 113.04, and a fall through could take it to the next support level of 112.77. The pair is expected to find its first resistance at 113.66, and a rise through could take it to the next resistance level of 114.01.
Going ahead, traders would look forward to Japan’s flash Nikkei manufacturing PMI for December, set to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
