USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.3% against the JPY and closed at 113.27.
On the data front, Japan’s flash machine tool orders rose 3.5% YoY in January. In the previous month, machine tool orders had climbed 4.4%.
In the Asian session, at GMT0400, the pair is trading at 113.66, with the USD trading 0.34% higher against the JPY from yesterday’s close.
Earlier today, data indicated that the nation’s tertiary industry index dropped 0.4% on a monthly basis in December, surpassing market expectations for a fall of 0.2% and following a revised rise of 0.3% in the prior month.
The pair is expected to find support at 112.52, and a fall through could take it to the next support level of 111.39. The pair is expected to find its first resistance at 114.29, and a rise through could take it to the next resistance level of 114.93.
Moving ahead, market participants will look forward to Japan’s flash 4Q GDP, final industrial production and final machine tool orders data, all slated to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
