USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.24% against the JPY and closed at 110.26 on Friday.
In the Asian session, at GMT0300, the pair is trading at 110.25, with the USD trading a tad lower against the JPY from Friday’s close.
Overnight data revealed that Japan’s machinery orders unexpectedly dropped 3.1% on a monthly basis in April, confounding market expectations for an advance of 0.5%. In the previous month, machinery orders had registered a revised rise of 1.4%.
The pair is expected to find support at 109.96, and a fall through could take it to the next support level of 109.66. The pair is expected to find its first resistance at 110.68, and a rise through could take it to the next resistance level of 111.10.
Going ahead, traders will focus on Japan’s flash machine tool orders data for May, scheduled to be released in a while.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
