USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the JPY and closed at 110.68.
In the Asian session, at GMT0300, the pair is trading at 110.77, with the USD trading 0.08% higher against the JPY from yesterday’s close.
Earlier in the session, data revealed that Japan’s final industrial production fell 1.8% on a monthly basis in June, less than market expectations for a drop of 2.1% and compared to a drop of 0.2% in the previous month. The preliminary figures had indicated a fall of 2.1%.
The pair is expected to find support at 110.27, and a fall through could take it to the next support level of 109.78. The pair is expected to find its first resistance at 111.10, and a rise through could take it to the next resistance level of 111.44.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
