During Friday’s trading session USD/JPY traded within the range of 101.36-101.67 and closed at 101.52, losing 0.05% on a daily basis and 0.33% for the week.
Fundamental view
Japanese Machine Orders probably increased 4.2% in March on annual basis and 6.0% on a monthly basis, according to the median estimate by experts. In February compared to January orders declined 8.8%, while in February this year compared to February 2013 there was an increase by 10.8%. The indicator gauges the total value of machinery orders, placed at major manufacturers in the country. It is regarded as a leading indicator of business capital spending. An increase indicates that business confidence in Japan probably improved, while a decrease reflects a weaker confidence. In case Machine Orders increased more than projected, this would have a bullish effect on the yen. Japans Cabinet Office is to release the official data at 23:50 GMT on May 18th.
Technical view
According to Binary Tribune’s daily analysis, in case USD/JPY manages to breach the first resistance level at 101.68, it will probably continue up to test 101.83. In case the second key resistance is broken, the pair will probably attempt to advance to 101.98.
If USD/JPY manages to breach the first key support at 101.35, it will probably continue to slide and test 101.21. With this second key support broken, the movement to the downside will probably continue to 101.05.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
