USD/JPY: Japan’s industrial production rose in June


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.45% against the JPY and closed at 106.04.

On the data front, Japan’s industrial production rose 1.9% on a monthly basis in June, compared to a drop of 8.9% in the earlier month. The preliminary figures had indicated a rise of 2.7%.

In the Asian session, at GMT0300, the pair is trading at 105.59, with the USD trading 0.42% lower against the JPY from yesterday’s close.

The pair is expected to find support at 105.25, and a fall through could take it to the next support level of 104.90. The pair is expected to find its first resistance at 106.28, and a rise through could take it to the next resistance level of 106.96.

Moving ahead, traders would keep a watch on Japan’s adjusted merchandise trade balance for July, slated to release overnight.

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

This entry was posted in USD/JPY. Bookmark the permalink.

Comments are closed.