USDJPY Movement
On Friday, the USD weakened 0.23% against the JPY and closed at 101.43.
In the Asian session, at GMT0300, the pair is trading at 101.29, with the USD trading 0.14% lower from Friday’s close.
Earlier today, data released in Japan, showed that industrial production rose by a seasonally adjusted 0.5% (MoM) in May, rebounding from a 2.8% (MoM) drop in the previous month, but below market expectations for a 0.9% (MoM) increase.
The pair is expected to find support at 101.17, and a fall through could take it to the next support level of 101.05. The pair is expected to find its first resistance at 101.49, and a rise through could take it to the next resistance level of 101.70.
During the later course of the day, traders are expected to keep a tab on Japan’s housing starts and construction orders data for May.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
