Re: Daily market news by Cozfx
COZfx: Japan’s machine tool orders declined in October
COZforex: For the past trading session, the USD declined 0.08% against the JPY and closed at 112.99.
Data revealed that Japan’s final machine tool orders retreated 0.7% on a yearly basis in October, while preliminary figures had indicated a fall of 1.1%. Machine tool orders had recorded a rise of 2.9% in the prior month.
In the Asian session (at GMT0400), the pair is trading at 112.93, with the USD trading 0.05% lower against the JPY from yesterday’s close.
In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 112.85 and a fall through could take it to the next support level of 112.78; Meanwhile, the pair is expected to find its first resistance at 113.04, and a rise through could take it to the next resistance level of 113.16.
Moving forward, investors would keep an eye on Japan’s Nikkei manufacturing PMI, consumer confidence index, jobless rate, industrial production, retail trade and large retailers’ sales, all scheduled to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
(COZ forex UK)