USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 107.28.
On the data front, Japan’s industrial production plunged 26.3% on a yearly basis in May, compared to a drop of 15.0% in the prior month. The preliminary figures had recorded a fall of 25.9%.
In the Asian session, at GMT0300, the pair is trading at 107.26, with the USD trading marginally lower against the JPY from yesterday’s close.
The Bank of Japan (BoJ), in its latest monetary policy decision, kept its key interest rate unchanged at -0.10%, as widely expected.
The pair is expected to find support at 107.11, and a fall through could take it to the next support level of 106.96. The pair is expected to find its first resistance at 107.42, and a rise through could take it to the next resistance level of 107.58.
Amid a lack of macroeconomic releases in the Japan today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
