USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.24% against the JPY and closed at 106.76.
In the Asian session, at GMT0300, the pair is trading at 106.19, with the USD trading 0.53% lower from Friday’s close.
Overnight data showed that, Japan’s BSI large manufacturing index dropped further to a level of -11.1 QoQ in 2Q 2016, after registering a reading of -7.9 in the previous quarter.
The pair is expected to find support at 105.75, and a fall through could take it to the next support level of 105.32. The pair is expected to find its first resistance at 106.92, and a rise through could take it to the next resistance level of 107.66.
Moving ahead, market participants will look forward to Japan’s final industrial production data for April, scheduled to release in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
