USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.69% against the JPY and closed at 88.84.
The Japanese Yen rose after nation’s Economy Minister, Akira Amari stated that the nation faces risks from any excessive decline in the Yen.
Meanwhile, on the economic front, machine tool orders in Japan declined 27.5% (YoY) to ¥84.07 billion in December, following a 21.3% drop recorded in the previous month. Meanwhile, the number of bankruptcy cases declined 13.8% in December, faster than the decline of 12.0% registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 87.97, with the USD trading 0.98% lower from yesterday’s close.
In morning releases, Japanese machine orders rose 3.9% in November, higher than market forecasts and compared to a 2.6% rise in October. Meanwhile, the domestic Corporate Goods Price Index (CGPI) advanced 0.3% (MoM) in December, compared to a flat reading posted last month.
The pair is expected to find support at 87.58, and a fall through could take it to the next support level of 87.20. The pair is expected to find its first resistance at 88.72, and a rise through could take it to the next resistance level of 89.48.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
