The US Dollar after trading as high as 102.65 against the Japanese Yen found sellers.
The USDJPY pair moved down, and broke a minor support trend line formed on the hourly chart.
In Japan today, the New Machinery orders, released by the Cabinet Office posted a rise of 8.3% in June 2016, compared with the forecast of 3.1%.
The Japanese Domestic Corporate Goods Price Index released by the Bank of Japan posted no change in July 2016, compared with the forecast of -0.1%.
USDJPY Technical Analysis
The US Dollar enjoyed a decent upside move against the Japanese yen recently to trade near 102.65. However, the USDJPY pair later found sellers and trade down. Can the current losses extend in the short term?During the recent downside move, the USDJPY pair broke a minor support trend line formed on the hourly chart. The pair also closed below the 100 hourly simple moving average, which is a bearish sign.It looks like the pair is under a lot of selling pressure and may head towards the last swing low of 100.90.
Japanese New Machinery Orders
Earlier during the Asian session, there were a few economic releases in Japan. The New orders change, which are the total value of machinery orders placed at major manufacturers in Japan was released by the Cabinet Office.The forecast was slated for an increase of more than 3.1% in June 2016, compared with the previous month. However, the result was better, as there was a rise of 8.3%. When we look at the yearly change, then there was a decline of 0.9%, which was a lot less than the forecast of -4.2%.The Domestic Corporate Goods Price Index was also released today by the Bank of Japan. It is a measure of prices for goods purchased by domestic corporates in Japan and was forecasted to decline by 0.1% in July 2016, compared with the previous month. However, the result was better again, as there was no decline, and Domestic Corporate Goods Price Index remains unchanged in July 2016.
US Monthly Budget Statement
Today in the US, there is no major event scheduled. A low risk event lined up is the Monthly Budget Statement by the Financial Management Service for July 2016.So, the US Dollar may be mostly driven by the market sentiment later today, and there could be no major moves later during the NY session.
During the recent downside move, the USDJPY pair broke a minor support trend line formed on the hourly chart. The pair also closed below the 100 hourly simple moving average, which is a bearish sign.It looks like the pair is under a lot of selling pressure and may head towards the last swing low of 100.90.