USDJPY Movement
On Friday, the USD strengthened 0.55% against the JPY and closed at 99.38.
In economic news, Japan’s industrial production rose less than preliminary estimate in May, while capacity utilisation advanced at a higher pace in May.
Meanwhile, the Bank of Japan (BoJ), in its latest monthly report of Economic and Financial Developments indicated that Japan’s economy has started to rebound to a moderate recovery path on the back of rise in public and housing investment, improved corporate profits.
In the Asian session, at GMT0300, the pair is trading at 99.25, with the USD trading 0.13% lower from Friday’s close.
The pair is expected to find support at 98.80, and a fall through could take it to the next support level of 98.35. The pair is expected to find its first resistance at 99.71, and a rise through could take it to the next resistance level of 100.16.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
