USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.64% against the JPY and closed at 101.23.
In the Asian session, at GMT0300, the pair is trading at 101.33, with the USD trading 0.1% higher against the USD from Friday’s close.
Overnight data indicated that, Japan’s preliminary gross domestic product (GDP) unexpectedly remained flat on a quarterly basis in 2Q 2016, amid falling exports and weak corporate investment, thus piling pressure on the central bank to come up with additional stimulus to revive growth. Meanwhile, markets expected the economy to expand by 0.2%, compared to a rise of 0.5% in the previous quarter.
Earlier today, data suggested that the nation’s final industrial production advanced 2.3% MoM in June, following a gain of 1.9% in the preliminary reading.
The pair is expected to find support at 100.68, and a fall through could take it to the next support level of 100.02. The pair is expected to find its first resistance at 102.13, and a rise through could take it to the next resistance level of 102.92.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
