For the 24 hours to 23:00 GMT, the USD rose 0.45% against the JPY and closed at 107.21.
On the macro front, Japan’s flash machine tool orders rose 28.1% YoY in March, after recording an increase of 39.5% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 107.13, with the USD trading 0.07% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s machinery orders unexpectedly advanced 2.1% MoM in February, confounding market expectations for a drop of 2.5%. In the previous month, machinery orders had recorded a rise of 8.2%.
The pair is expected to find support at 106.83, and a fall through could take it to the next support level of 106.52. The pair is expected to find its first resistance at 107.42, and a rise through could take it to the next resistance level of 107.70.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
