Japan: Better machinery orders than expected
Christophe Chevalier May 20, 2020 1:51 AM
Japan's core machinery orders slid only 0.4% on month in March. Balance of Trade will be released tomorrow.
This morning, government data showed that Japan's core machinery orders slid only 0.4% on month in March (vs -6.7% expected). Tomorrow, April, Balance of Trade will be released. A 560 billion yens deficit is expected with a 22.7% drop in exports.
From a technical point of view, on an intraday chart, USD/JPY stands above an overlap at 107.50. Readers may therefore consider the potential for further rise as the nearest resistance would be set at today’s morning top at 108.00 and a second one would be set at strong horizontal resistance at 108.15 in extension. Any break below 107.50 would lower the bullish potential and would lead to a weakness towards 107.35.
Source: TradingView, GAIN Capital
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