USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.57% against the JPY and closed at 123.52.
In the Asian session, at GMT0300, the pair is trading at 123.45, with the USD trading marginally lower from yesterday’s close.
Earlier today, industrial production in Japan rose 1.2% MoM in April, compared to an increase of 1.0% registered in the previous month. Meanwhile, the nation’s tertiary industry index eased 0.2% on a monthly basis in April, reversing market expectations for a 0.4% advance.
The pair is expected to find support at 122.88, and a fall through could take it to the next support level of 122.30. The pair is expected to find its first resistance at 124.10, and a rise through could take it to the next resistance level of 124.74.
Going forward, BoJ’s monetary policy statement would fetch a lot of attention, slated to release in the next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
