USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.30% against the JPY and closed at 102.68 on Friday.
In the Asian session, at GMT0300, the pair is trading at 102.57, with the USD trading 0.11% lower against the JPY from Friday’s close.
Overnight data showed that Japan’s machinery orders surprisingly rose 4.9% MoM in July, increasing for the second straight month and after registering an 8.3% gain in the previous month.
The pair is expected to find support at 102.00, and a fall through could take it to the next support level of 101.42. The pair is expected to find its first resistance at 103.10, and a rise through could take it to the next resistance level of 103.62.
Going ahead, investors look forward to Japan’s BSI large manufacturing index data for 3Q 2016, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
