USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.20% against the JPY and closed at 96.02.
In the Asian session, at GMT0400, the pair is trading at 96.05, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 95.57, and a fall through could take it to the next support level of 95.10. The pair is expected to find its first resistance at 96.40, and a rise through could take it to the next resistance level of 96.75.
Data released this morning indicated that, on a monthly basis, industrial production in Japan rose 0.3% in January, compared with an initial reading of a 1.0% gain and a 2.4% increase in December. Meanwhile, capacity utilization rose 1.7% in January, from a 2.9% rise registered in the previous month.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
