For the 24 hours to 23:00 GMT, the USD declined 0.15% against the JPY and closed at 106.93.
In the Asian session, at GMT0400, the pair is trading at 106.50, with the USD trading 0.4% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s machinery orders slid 11.9% MoM in December, more than market expectations for a drop of 2.0%. In the previous month, machinery orders had climbed 5.7%.
Earlier today, data indicated that the nation’s final industrial production grew more than initially estimated by 2.9% on a monthly basis in December, while the preliminary figures had recorded an advance of 2.7%. In the prior month, industrial production had risen 0.5%.
The pair is expected to find support at 106.03, and a fall through could take it to the next support level of 105.55. The pair is expected to find its first resistance at 107.26, and a rise through could take it to the next resistance level of 108.01.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
