USD/JPY: Japan’s industrial output posts a modest rise in October


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.43% against the JPY and closed at 111.98.

In the Asian session, at GMT0400, the pair is trading at 111.98, with the USD trading flat against the JPY from yesterday’s close.

Data released overnight showed that Japan’s flash industrial production rebounded less-than-expected by 0.5% MoM in October, following a drop of 1.0% in the previous month. Market participants had envisaged industrial production to climb 1.8%.

The pair is expected to find support at 111.52, and a fall through could take it to the next support level of 111.07. The pair is expected to find its first resistance at 112.29, and a rise through could take it to the next resistance level of 112.61.

Moving ahead, investors will keep a close watch on Japan’s jobless rate and the national consumer price index, both for October, due to release overnight.

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

This entry was posted in USD/JPY. Bookmark the permalink.

Comments are closed.