USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.21% against the JPY and closed at 99.59. Investors took refuge under yen after a dismal domestic data on machinery orders fuelled fresh concerns that a sales-tax increase will hamper economic growth of Japan.
In the Asian session, at GMT0300, the pair is trading at 99.58, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 99.10, and a fall through could take it to the next support level of 98.63. The pair is expected to find its first resistance at 99.95, and a rise through could take it to the next resistance level of 100.32.
Investors are expected to keep a close watch on Japan’s industrial production data, scheduled to release later today, which the market expects to show an improvement in the month of July.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
