USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.62% against the JPY and closed at 111.04.
In the Asian session, at GMT0300, the pair is trading at 111.03, with the USD trading a tad lower against the JPY from yesterday’s close.
Overnight data revealed that Japan’s unemployment rate surprisingly rose to a rate of 2.5% in July, defying market consensus for a steady reading. In the prior month, unemployment rate recorded a rate of 2.4%. Moreover, the nation’s preliminary industrial production unexpectedly declined 0.1% on a monthly basis in July, defying market expectations for a rise of 0.2%. In the previous month, industrial production had fallen 1.8%.
The pair is expected to find support at 110.71, and a fall through could take it to the next support level of 110.38. The pair is expected to find its first resistance at 111.54, and a rise through could take it to the next resistance level of 112.04.
Trading trend in the Japanese Yen today is expected to be determined by Japan’s construction orders and housing starts, both for July, scheduled to release in a while
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
