USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the JPY and closed at 107.13.
In the Asian session, at GMT0300, the pair is trading at 107.05, with the USD trading 0.07% lower against the JPY from yesterday’s close.
Early morning data revealed that Japan’s final industrial production came in flat on a monthly basis in February, while the preliminary print had recorded an advance of 4.1%. In the previous month, industrial production had recorded a drop of 6.8%.
The pair is expected to find support at 106.88, and a fall through could take it to the next support level of 106.70. The pair is expected to find its first resistance at 107.32, and a rise through could take it to the next resistance level of 107.58.
Moving ahead, traders would focus on Japan’s trade balance data for March, due to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
