USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.91% against the JPY and closed at 102.92.
In the Asian session, at GMT0300, the pair is trading at 102.90, with the USD trading marginally lower against the JPY from yesterday’s close.
Data released overnight revealed that, Japan’s flash industrial production surprisingly remained flat on a monthly basis in July, reviving fresh concerns about the health of the world’s third largest economy. Industrial production had recorded a rise of 2.3% in the prior month.
The pair is expected to find support at 102.20, and a fall through could take it to the next support level of 101.50. The pair is expected to find its first resistance at 103.41, and a rise through could take it to the next resistance level of 103.92.
Going ahead, investors await the release of Japan’s final Nikkei manufacturing PMI data for August, scheduled to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
