USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.07% against the JPY and closed at 119.20.
In economic news, preliminary machine tool orders in Japan advanced 10.40% on an annual basis, in April. It had risen 14.90% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 119.37, with the USD trading 0.14% higher from yesterday’s close.
Earlier today, the BoJ Governor, Haruhiko Kuroda opined that he had no intention for further easing, as the nation’s inflation was improving steadily. However, he added that the central bank would not hesitate in adjusting its policy in order to achieve its 2% inflation target.
The pair is expected to find support at 119.00, and a fall through could take it to the next support level of 118.63. The pair is expected to find its first resistance at 119.63, and a rise through could take it to the next resistance level of 119.88.
Moving ahead, investors would keep a close eye on Japan’s consumer confidence data, scheduled in a few hours, for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
