USD/JPY: Japan’s industrial output fell more than initially estimated in May


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.06% against the JPY and closed at 113.38.

In the Asian session, at GMT0300, the pair is trading at 113.40, with the USD trading marginally higher against the USD from yesterday’s close.

On the economic front, Japan’s final industrial production fell 3.6% in May, while the preliminary print had indicated a drop of 3.3%. In the previous month, industrial production had advanced 4.0%.

The pair is expected to find support at 112.98, and a fall through could take it to the next support level of 112.56. The pair is expected to find its first resistance at 113.7, and a rise through could take it to the next resistance level of 114.00.

Going ahead, traders will closely monitor the Bank of Japan’s interest rate decision, slated to be announced next week.

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

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