USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the JPY and closed at 114.79 on Friday.
In the Asian session, at GMT0400, the pair is trading at 114.81, with the USD trading marginally higher against the JPY from Friday’s close.
Overnight data revealed that Japan’s machinery orders unexpectedly dropped 3.2% MoM in January, compared to a revised advance of 2.1% in the prior month, whereas markets were expecting machinery orders to gain 0.5%.
Separately, early morning data showed that the nation’s tertiary industry index surprisingly remained flat in January, compared to a revised drop of 0.3% in the prior month and defying market expectations for the index to advance 0.1%.
The pair is expected to find support at 114.45, and a fall through could take it to the next support level of 114.10. The pair is expected to find its first resistance at 115.33, and a rise through could take it to the next resistance level of 115.86.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
