For the 24 hours to 23:00 GMT, the USD rose 0.10% against the JPY and closed at 108.54.

Data revealed that Japan’s flash machine tool orders plunged 27.3% on an annual basis in May, following a fall of 33.4% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 108.47, with the USD trading 0.06% lower against the JPY from yesterday’s close.

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Overnight data showed that Japan’s machinery orders unexpectedly climbed 5.2% on a monthly basis in April, growing at its quickest pace in 6 months and confounding market expectations for a drop of 0.8%. In the prior month, machinery orders had recorded a rise of 3.8%.

The pair is expected to find support at 108.34, and a fall through could take it to the next support level of 108.21. The pair is expected to find its first resistance at 108.70, and a rise through could take it to the next resistance level of 108.93.

In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


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