USD/JPY: Japanese industrial production revised higher in April


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.18% against the JPY and closed at 110.25.

In the Asian session, at GMT0300, the pair is trading at 110.21, with the USD trading marginally lower against the JPY from yesterday’s close.

Early morning data revealed that Japan’s final industrial production climbed by 0.5% on a monthly basis in April, more than market expectations for a rise of 0.3%. Industrial production had registered a rise of 0.3% 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 109.62. The pair is expected to find its first resistance at 110.68, and a rise through could take it to the next resistance level of 111.14.

Trading trend in the Japanese yen is expected to be determined by the Bank of Japan’s (BoJ) monetary policy decision, due to be released overnight.

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

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