USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.08% against the JPY and closed at 95.59.
On the economic front, Japan’s capacity utilisation rebounded in April, while industrial production dropped more than the preliminary estimate in April.
In the Asian session, at GMT0300, the pair is trading at 95.30, with the USD trading 0.31% lower from yesterday’s close.
Data released this morning indicated that Japan’s total merchandise trade deficit widened to ¥993.9 billion in May, from a revised deficit of ¥881.9 billion recorded in the previous month. Additionally, merchandise trade exports rose 10.1% (YoY) in May, while the merchandise trade imports advanced 10.0% annually in May.
The pair is expected to find support at 94.73, and a fall through could take it to the next support level of 94.17. The pair is expected to find its first resistance at 95.83, and a rise through could take it to the next resistance level of 96.37.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
