Japanese Yen Trading On A Stronger Footing In The Asian Session
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the JPY and closed at 117.63.
In the Asian session, at GMT0400, the pair is trading at 117.50, with the USD trading 0.1% lower from yesterday’s close.
Overnight data showed that, Japan’s machinery orders fell more than expected by 14.4% MoM in November, the biggest fall in 18 months, while markets expected it to fall by 7.9% and compared to a rise of 10.7% in the previous month.
The pair is expected to find support at 117.07, and a fall through could take it to the next support level of 116.64. The pair is expected to find its first resistance at 118.16, and a rise through could take it to the next resistance level of 118.82.
Moving ahead, market participants will look forward to Japan’s preliminary machine tool orders for December, scheduled to be released in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.