USD/JPY: Japanese industrial production deteriorated in July


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.68% against the JPY and closed at 110.34.

In economic news, data indicated that Japan’s small business confidence index registered a drop to a level of 49.0 in August, compared to a level of 50.0 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 110.52, with the USD trading 0.16% higher against the JPY from yesterday’s close.

Overnight data revealed that Japan’s flash industrial production slid 0.8% MoM in July, more than market expectations for a drop of 0.3%. Industrial production had recorded a rise of 2.2% in the previous month.

The pair is expected to find support at 109.92, and a fall through could take it to the next support level of 109.33. The pair is expected to find its first resistance at 110.86, and a rise through could take it to the next resistance level of 111.21.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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