USDJPY at Monthly Highs As Global Tensions Ease
USDJPY trades 0.11% higher at 107.35 after Japan Machine Tool Orders (year over year) came in at -37.1% in August from previous -33%, the Japan Money Supply M2+CD (year over year) came in at 2.4% in August. The pair hit the daily low at 107.17 and the daily high at 107.49. The central bank of China set the Yuan rate (USDCNY) at 7.0846 versus yesterday fix at 7.0851.
On the technical side, immediate support for USDJPY stands at 107.17 today’s low while extra bids will emerge at 106.75 yesterday’s low. On the upside first resistance stands at 107.49 the daily high and then at 108.21 the 100-day moving average. Long positions can sit comfortably as long as the pair holds above 107 for a break above 108, stop loss orders must be placed at 106.75 as if the pair breaks below; offers will step in and might push the price to recent lows. USDJPY technical picture is neutral now as the pair trades above the 50-day moving average and trade war tensions between US and China ease.