USD/JPY: Japan’s industrial production declined less than initially estimated in January


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 114.68.

In the Asian session, at GMT0400, the pair is trading at 114.83, with the USD trading 0.13% higher against the JPY from yesterday’s close.

Earlier today, data showed that Japan’s final industrial production fell 0.4% MoM in January, compared to a fall of 0.8% in the flash estimate and following a rise of 0.7% in the previous month.

The pair is expected to find support at 114.48, and a fall through could take it to the next support level of 114.14. The pair is expected to find its first resistance at 115.18, and a rise through could take it to the next resistance level of 115.54.

Looking ahead, market participants await the Bank of Japan’s interest rate decision, scheduled in the early hours tomorrow. Markets broadly expect the central bank to keep the monetary policy unchanged.

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

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