USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 107.78.
In the Asian session, at GMT0300, the pair is trading at 107.64, with the USD trading 0.13% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s preliminary industrial production climbed 2.3% on a monthly basis in May, rising at its fastest pace in seven months and compared to a rise of 0.6% in the previous month. Markets participants had anticipated industrial production to rise 0.7%. Meanwhile, the nation’s unemployment rate remained unchanged at 2.4% in May, in line with market expectations.
The pair is expected to find support at 107.41, and a fall through could take it to the next support level of 107.19. The pair is expected to find its first resistance at 108.01, and a rise through could take it to the next resistance level of 108.39.
Looking ahead traders would await Japan’s housing starts for May, scheduled to release in a while.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
