USDJPY Movement
On Friday, the USD strengthened 0.11% against the JPY and closed at 119.33.
In the Asian session, at GMT0300, the pair is trading at 119.63, with the USD trading 0.25% higher from yesterday’s close.
In economic news, industrial production in Japan eased 0.80% on a monthly basis in March, higher than market expected drop of 0.3%.
Overnight data showed that Japan’s machine orders rebounded more than expected by 2.9% on a monthly basis in March. It followed a 1.4% drop recorded in February.
The pair is expected to find support at 119.23, and a fall through could take it to the next support level of 118.83. The pair is expected to find its first resistance at 119.99, and a rise through could take it to the next resistance level of 120.34.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
