USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.61% against the JPY and closed at 112.73.
In the Asian session, at GMT0300, the pair is trading at 112.49, with the USD trading 0.22% lower from yesterday’s close.
Overnight data showed that Japan’s preliminary industrial production declined more-than-expected by 6.2% MoM in February, recording the largest single-month decline in five years, as production of vehicles, electronic devices and manufacturing equipment’s fell. Market anticipation was for it to drop by 5.9%, after registering a 3.7% rise in the previous month.
The pair is expected to find support at 111.98, and a fall through could take it to the next support level of 111.47. The pair is expected to find its first resistance at 113.41, and a rise through could take it to the next resistance level of 114.33.
Going ahead, investors will look forward to Japan’s housing starts and construction orders data, both for the month of February, scheduled to release tomorrow morning.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
