USD/JPY: Japan’s unemployment rate surprisingly declined in September


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.45% against the JPY and closed at 112.36.

Macroeconomic data revealed that Japan’s unemployment rate unexpectedly slid to 2.3% in September, hitting its lowest rate since early 1990s and defying market expectations for an unchanged reading. In the preceding month unemployment rate had registered a reading of 2.4%.

In the Asian session, at GMT0400, the pair is trading at 112.64, with the USD trading 0.25% higher against the JPY from yesterday’s close.

The pair is expected to find support at 112.09, and a fall through could take it to the next support level of 111.54. The pair is expected to find its first resistance at 112.95, and a rise through could take it to the next resistance level of 113.26.

Going forward, investors would keep an eye on Japan’s industrial production for September, scheduled to release overnight.

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

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