USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 2.53% against the JPY and closed at 107.36 on Friday.
On the data front, Japan’s industrial production dropped 9.8% on a monthly basis in April, compared to a drop of 3.7% in the previous month. The preliminary figures had indicated a fall of 9.1%
In the Asian session, at GMT0300, the pair is trading at 107.18, with the USD trading 0.17% lower against the JPY from Friday’s close.
The pair is expected to find support at 106.78, and a fall through could take it to the next support level of 106.39. The pair is expected to find its first resistance at 107.57, and a rise through could take it to the next resistance level of 107.97.
Looking forward, traders would keep a watch on Japan’s tertiary industry index for April, slated to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
