USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.67% against the JPY and closed at 106.02.
In the Asian session, at GMT0300, the pair is trading at 105.94, with the USD trading 0.08% lower against the JPY from yesterday’s close.
This morning, data showed that, Japan’s final industrial production rose 0.5% MoM in April, following a 0.3% rise in the previous month.
The pair is expected to find support at 105.59, and a fall through could take it to the next support level of 105.24. The pair is expected to find its first resistance at 106.42, and a rise through could take it to the next resistance level of 106.90.
Moving ahead, investors will look forward to the release of Japan’s final machine tool orders data for May, scheduled to release tomorrow morning.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
