For the 24 hours to 23:00 GMT, the USD rose 0.1% against the JPY and closed at 106.49.
In the Asian session, at GMT0400, the pair is trading at 106.44, with the USD trading 0.1% lower against the JPY from yesterday’s close.
Minutes of the Bank of Japan’s (BoJ) January meeting showed that some policymakers called for monitoring the impact of the current accommodative policy. Further, it revealed that most of the officials shared the view that the central bank should continue to pursue its powerful monetary easing until inflation hits its 2.0% target.
On the macro front, Japan’s machinery orders rebounded 8.2% in January, topping market expectations for a rise of 5.2%. Machinery orders had registered a drop of 11.9% in the previous month.
Meanwhile, the OECD stated that Japan’s economy will likely grow 1.5% this year before slowing to 1.1% in 2019. The organisation had expected the world’s third largest economy to grow 1.2% in 2018 and 1.0% in 2019.
The pair is expected to find support at 106.13, and a fall through could take it to the next support level of 105.82. The pair is expected to find its first resistance at 107.02, and a rise through could take it to the next resistance level of 107.60.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.