USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the JPY and closed at 110.84.
In the Asian session, at GMT0300, the pair is trading at 111.17, with the USD trading 0.3% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s preliminary industrial production rebounded 4.0% on a monthly basis in April, surging to its highest level since June 2011. Markets were expecting industrial production to climb 4.2%, after recording a fall of 1.9% in the prior month.
The pair is expected to find support at 110.81, and a fall through could take it to the next support level of 110.46. The pair is expected to find its first resistance at 111.38, and a rise through could take it to the next resistance level of 111.60.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
