USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.04% against the JPY and closed at 78.40.
Data released in Japan showed that the machine tool orders fell 6.9% (YoY) in January, compared to a 6.6% decline in December.
In the Asian session, at GMT0400, the pair is trading at 78.38, with the USD trading 0.04% lower from yesterday’s close.
The pair is expected to find support at 78.17, and a fall through could take it to the next support level of 77.96. The pair is expected to find its first resistance at 78.60, and a rise through could take it to the next resistance level of 78.81.
Yen is likely to receive increased market attention, with Bank of Japan (BoJ) monetary policy meeting minutes scheduled for released later today.
The currency pair is converging with its 20 Hr and 50 Hr moving averages.
