USD/JPY: Japan’s industrial production declined in March


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.72% against the JPY and closed at 112.81.

On the macro front, Japan’s machinery orders rose 1.4% MoM in March, compared to a rise of 1.5% in the prior month, while markets anticipated for an advance of 2.5%.

In the Asian session, at GMT0300, the pair is trading at 112.46, with the USD trading 0.31% lower from yesterday’s close.

Earlier in the session, data showed that the nation’s final industrial production dropped 1.9% in March. In the prior month, industrial production had climbed 3.2%, while the preliminary figures had indicated a drop of 2.1%.

The pair is expected to find support at 111.99, and a fall through could take it to the next support level of 111.52. The pair is expected to find its first resistance at 113.33, and a rise through could take it to the next resistance level of 114.2.

Going ahead, investors will keep a close watch on Japan’s flash 1Q GDP data, set to release overnight.

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

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