USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.09% against the JPY and closed at 110.94.
In the Asian session, at GMT0300, the pair is trading at 111.06, with the USD trading 0.11% higher from yesterday’s close.
Overnight data showed that Japan’s unemployment rate remained steady at 3.2% in April, in line with market expectations, indicating that the nation’s labour market remains tight despite ongoing concerns about growth and inflation. Moreover, Japan’s flash industrial production unexpectedly rose 0.3% MoM in April, following a rise of 3.8% in the previous month.
The pair is expected to find support at 110.74, and a fall through could take it to the next support level of 110.43. The pair is expected to find its first resistance at 111.40, and a rise through could take it to the next resistance level of 111.75.
Going ahead, investors will look forward to Japan’s housing starts and construction orders data, both for the month of April, due in some time.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
