USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.17% against the JPY and closed at 110.04 on Friday.
In the Asian session, at GMT0300, the pair is trading at 110.23, with the USD trading 0.17% higher against the JPY from Friday’s close.
Overnight data showed that Japan’s flash annualised gross domestic product (GDP) unexpectedly climbed 2.1% on a quarterly basis in 1Q 2019, defying market consensus for a fall of 0.2%. In the preceding month, the GDP had registered a revised gain of 1.6%. Meanwhile, the nation’s final industrial production dropped 4.3% on an annual basis in March. In the prior month, industrial production had recorded a fall of 1.1%, while preliminary figures had indicated a decline of 4.6%.
The pair is expected to find support at 109.71, and a fall through could take it to the next support level of 109.2. The pair is expected to find its first resistance at 110.53, and a rise through could take it to the next resistance level of 110.84.
Going ahead, traders would await Japan’s housing loans for the first quarter, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
