USD/JPY: Japan’s annual inflation grew less-than-expected in April


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.44% against the JPY and closed at 110.81.

In the Asian session, at GMT0300, the pair is trading at 110.97, with the USD trading 0.14% higher against the JPY from yesterday’s close.

Data released overnight revealed that Japan’s national consumer price index (CPI) advanced 0.6% on a yearly basis in April, falling short of market consensus for a gain of 0.7%. The CPI had risen 1.1% in the prior month.

The pair is expected to find support at 110.37, and a fall through could take it to the next support level of 109.77. The pair is expected to find its first resistance at 111.28, and a rise through could take it to the next resistance level of 111.59.

Moving forward, Japan’s trade balance, flash Nikkei manufacturing PMI and all industry activity index, all due to release next week, will be on investors’ radar.

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

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