USD/JPY: Japan’s jobless rate hits a 26 year low level in May


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.24% against the JPY and closed at 110.51.

In the Asian session, at GMT0300, the pair is trading at 110.75, with the USD trading 0.22% higher against the JPY from yesterday’s close.

Overnight data indicated that, Japan’s flash industrial production retreated by 0.2% on a monthly basis in May, undershooting market expectations for a drop of 1.0%. In the prior month, industrial production had climbed 0.5%.

Moreover, the nation’s unemployment rate dropped to 2.2% in May, hitting its lowest in 26-years and compared to 2.5% in the previous month.

The pair is expected to find support at 110.28, and a fall through could take it to the next support level of 109.80. The pair is expected to find its first resistance at 111.01, and a rise through could take it to the next resistance level of 111.26.

Going ahead, investors will keep an eye on Japan’s housing starts for May and consumer confidence index for June, both set to release in a while.

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

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