USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.47% against the JPY and closed at 102.80.
In economic news, a report showed that Japan’s machine tools orders rose 15.4% (YoY) in November, compared to an 8.4% increase recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 102.59, with the USD trading 0.20% lower from yesterday’s close. Early morning, data revealed that machinery orders in Japan rose 17.8% (YoY) in October, more than analysts’ estimate for a rise of 15.0% and following an 11.4% increase registered in the preceding month.
The pair is expected to find support at 102.31, and a fall through could take it to the next support level of 102.02. The pair is expected to find its first resistance at 103.14, and a rise through could take it to the next resistance level of 103.69.
Amid lack of major economic news from Japan, during the later course of the day, traders are expected to keep a close tab on global economic news for further guidance in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
