USD/JPY: Japan’s industrial production sharply rebounded in June


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.55% against the JPY and closed at 110.58 on Friday.

In the Asian session, at GMT0300, the pair is trading at 110.47, with the USD trading 0.1% lower against the USD from Friday’s close.

Overnight data revealed that Japan’s flash industrial production rebounded more-than-anticipated by 1.6% on a monthly basis in June, following a drop of 3.6% in the prior month.

The pair is expected to find support at 110.09, and a fall through could take it to the next support level of 109.71. The pair is expected to find its first resistance at 111.07, and a rise through could take it to the next resistance level of 111.67.

Going ahead, Japan’s final Nikkei manufacturing PMI for July, slated to release overnight, will be on investors’ radar.

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

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