USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the JPY and closed at 106.04.
On the data front, Japan’s industrial production rose 1.9% on a monthly basis in June, compared to a drop of 8.9% in the earlier month. The preliminary figures had indicated a rise of 2.7%.
In the Asian session, at GMT0300, the pair is trading at 105.59, with the USD trading 0.42% lower against the JPY from yesterday’s close.
The pair is expected to find support at 105.25, and a fall through could take it to the next support level of 104.90. The pair is expected to find its first resistance at 106.28, and a rise through could take it to the next resistance level of 106.96.
Moving ahead, traders would keep a watch on Japan’s adjusted merchandise trade balance for July, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
