USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.05% against the JPY and closed at 110.91.
In the Asian session, at GMT0400, the pair is trading at 110.60, with the USD trading 0.28% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s preliminary industrial production advanced 1.4% on an annual basis in November, following a gain of 4.2% in the preceding month. Market participants had envisaged industrial production to record a rise of 0.6%. Also, the nation’s retail trade rose 1.4% on a yearly basis in November, undershooting market consensus for a rise of 2.1%. In the previous month, retail trade had recorded an advance of 3.5%.
On the flipside, Japan’s large retailer’s sales slid 2.2% on a monthly basis in November, more than market anticipations for a drop of 0.4%. Large retailer’s sales had registered a decline of 0.8% in the previous month. Additionally, the nation’s unemployment rate unexpectedly rose to 2.5%, compared to market expectations of an unchanged reading. In the prior month, unemployment rate had recorded a rate of 2.4%.
The pair is expected to find support at 110.30, and a fall through could take it to the next support level of 109.99. The pair is expected to find its first resistance at 111.07, and a rise through could take it to the next resistance level of 111.53.
With no macroeconomic releases in Japan today, investors would look forward to global macroeconomic releases for further directions.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
