Japanese Yen Trading Flat Ahead Of Japan’s Machine Tool Orders Data
GCI Financial | Feb 12, 2015 03:18AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.72% against the JPY and closed at 120.29.
In the Asian session, at GMT0400, the pair is trading at 120.29, with the USD trading flat from yesterday’s close.
Overnight data showed that machine orders in Japan advanced more than expected by 8.3% on a monthly basis in December, against market expectations of a reading of 2.3%. It had risen 1.3% in the previous month.
The pair is expected to find support at 119.66, and a fall through could take it to the next support level of 119.04. The pair is expected to find its first resistance at 120.70, and a rise through could take it to the next resistance level of 121.12.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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