USD/JPY: Japan’s industrial production advanced in July


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.33% against the JPY and closed at 108.17.

In the Asian session, at GMT0300, the pair is trading at 108.17, with the USD trading flat against the JPY from yesterday’s close.

Early morning data showed that Japan’s final industrial production climbed 0.7% on a yearly basis in July, confirming the preliminary figures. In the preceding month, industrial production had recorded a drop of 3.8%.

The pair is expected to find support at 107.71, and a fall through could take it to the next support level of 107.24. The pair is expected to find its first resistance at 108.45, and a rise through could take it to the next resistance level of 108.72.

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

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.