USD/JPY: Japan’s monthly industrial output declines at par with market forecast in May


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.62% against the JPY and closed at 112.63.

In the Asian session, at GMT0300, the pair is trading at 112.60, with the USD trading slightly lower against the JPY from yesterday’s close.

Earlier in the session data showed that, Japan’s final industrial production retreated 0.2% on a monthly basis in May, confirming the preliminary print and in line with market expectations. Industrial production had climbed 0.5% in the prior month.

The pair is expected to find support at 112.26, and a fall through could take it to the next support level of 111.93. The pair is expected to find its first resistance at 112.85, and a rise through could take it to the next resistance level of 113.11.

Moving forward, traders would focus on Japan’s trade balance and the national consumer price index set to be released next week.

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

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