USD/JPY: Japan’s final industrial production declined more-than-expected in May


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.12% against the JPY and closed at 108.48.

In economic news, Japan’s final industrial production fell 2.1% on an annual basis in May, more than market expectations for a drop of 1.8%. In the previous month, industrial production had registered a drop of 1.1%.

In the Asian session, at GMT0300, the pair is trading at 108.38, with the USD trading 0.09% lower against the JPY from yesterday’s close.

The pair is expected to find support at 107.96, and a fall through could take it to the next support level of 107.53. The pair is expected to find its first resistance at 108.71, and a rise through could take it to the next resistance level of 109.03.

In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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