USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the JPY and closed at 109.96.
On the data front, Japan’s preliminary machine tool orders recorded a rise of 26.3% on an annual basis in July. In the prior month, machine tool orders had risen 31.1%.
In the Asian session, at GMT0300, the pair is trading at 110.07, with the USD trading 0.1% higher from yesterday’s close.
Overnight data indicated that the nation’s machinery orders unexpectedly dropped 1.9% on a monthly basis in June, compared to a drop of 3.6% in the prior month, while markets were anticipating for a gain of 3.6%. Meanwhile, the nation’s tertiary industry index remained flat in July, compared to a fall of 0.1% in the prior month. Market participants had expected the index to rise 0.2%.
The pair is expected to find support at 109.69, and a fall through could take it to the next support level of 109.32. The pair is expected to find its first resistance at 110.31, and a rise through could take it to the next resistance level of 110.56.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
